An Offer May Be Terminated by a Lapse of Time

question 25

True/False

An offer may be terminated by a lapse of time.

---

Definitions:

Deed of Trust

A legal document in some states that transfers the title of real property to a trustee as security for a loan until the grantor repays the lender.

Third Party

An individual or group besides the two primarily involved in a situation or contract, often with a lesser direct interest.

Real Property

Land and anything permanently attached to it, such as buildings and structures, including rights and interests associated with the land.

Legal Title

Legal title is the formal right of ownership of property, recognized and protected by law, which may be distinct from the actual possession or use of the property.