Offers termination

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Real Estate Contracts

Section 22 of 45

Lapse of time: An offer expires when the stated time for acceptance passes. If no time is stated, the offer remains open for a reasonable period, based on the circumstances.Death or insanity: The death or legal incapacity of either party automatically terminates the offer. An offer cannot be transferred to another person.Destruction of the property: If the subject property is destroyed, the offer is terminated.