​ on June 13,2016,Brock Adams Wrote to Julie Beckham

question 155

Multiple Choice

​ On June 13,2016,Brock Adams wrote to Julie Beckham:
​"I offer to sell you my home (legal description appeared here) for $425,000.Sale to close by September 15,2016.Offer must be accepted by fax no later than 4:00 PM on June 15,2016."
​Julie sent a fax accepting the offer at 3:36 PM on June 15,2016.Because Brock's fax machine was not working,the fax did not come through until 8:00 PM on June 15,2016,after Brock had the fax repaired.
​Which of the following statements is true?

• A)​There is no contract because the acceptance was too late.
• B)​There is no contract because you cannot accept an offer for real estate via fax.
• C)There is a valid contract that has been formed.
• D)The mailbox rule does not apply when the acceptance is specified.

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Definitions:

Student Loans

Borrowed money that is used to pay for higher education expenses, which must be repaid with interest.

Compounded Monthly

A method where interest earnings are calculated and added to the principal sum each month, leading to increased interest in the next period.

Mortgage Loan

A loan secured by real property through the use of a mortgage note.

Savings Account

A financial account at a bank or similar institution that ensures the security of the original sum while yielding a slight return in interest.