Reference no: EM133682879

Question 

Miller owned property in North Carolina and listed the property for sale on August 4th. That same day, Normile made an offer to purchase the property. The offer included the following language: "OFFER CLOSING DATE: Time is of the essence, therefore this offer must be accepted on or before 5:00 p.m. August 5th." Miller received the offer, signed it, but also made several changes to the terms. These included an increase in the initial deposit, an increase in the down payment due, and a decrease in the term of the loan from the seller from 25 to 20 years. On the evening of August 4th, Normile received the modified document but neither accepted nor rejected its terms. Instead, Normile said "he was going to wait awhile before he decided what to do with it." The following morning on August 5th, Miller approached Segal, another prospective buyer, and signed an offer to purchase with terms very similar to those presented to Normile the previous evening. At 2:00pm on August 5th, Normile was informed that "[y]ou snooze, you lose; the property has been sold." Later that afternoon, Normile initialed the offer containing Miller's modified terms and presented it to Millers representative. When Miller refused to sell the property to Normile, Normile filed a lawsuit against Miller.

1. An offer is a(n) Select or commitment to do or refrain from doing some specified action in the future.