What must a buyer do to effectively withdraw an offer?

What must a buyer do to effectively withdraw an offer?

• A. State their intent publicly
• B. Communicate the withdraw to the other party
• C. Submit a new offer
• D. Inform their agent only

Answer: (B)

To effectively withdraw an offer, the buyer must communicate the withdrawal to the other party. This action is necessary because it ensures that the party receiving the withdrawal is formally notified of the buyer's intent to retract their original offer. Effective communication can be done in writing or verbally, depending on the context and agreements in place. Other options may involve misunderstandings about the process. For instance, stating an intent publicly doesn't ensure that the other party is aware of the withdrawal. Submitting a new offer does not inherently retract the previous offer, as a buyer can have multiple offers on the table until explicitly withdrawn. Informing their agent only may not suffice, as the agent's communication does not replace the need for the other party to be officially notified about the withdrawal.

To effectively withdraw an offer, the buyer must communicate the withdrawal to the other party. This action is necessary because it ensures that the party receiving the withdrawal is formally notified of the buyer's intent to retract their original offer. Effective communication can be done in writing or verbally, depending on the context and agreements in place.

Other options may involve misunderstandings about the process. For instance, stating an intent publicly doesn't ensure that the other party is aware of the withdrawal. Submitting a new offer does not inherently retract the previous offer, as a buyer can have multiple offers on the table until explicitly withdrawn. Informing their agent only may not suffice, as the agent's communication does not replace the need for the other party to be officially notified about the withdrawal.