What is the name of the clause in a purchase agreement that states the offer shall expire unless written acceptance is delivered by a certain time?

The clause that indicates an offer will expire unless written acceptance is delivered by a specified time is referred to as the "Expiration of offer/counter-offer." This clause is crucial because it establishes a clear timeframe within which the accepting party must respond to the offer, ensuring that the offeror's intent is respected and that there is a mutual understanding of the deadline for acceptance.

This facilitates a smoother transaction process by preventing ambiguity around the status of the offer and helps to seal the commitment on both sides—offering peace of mind to the offeror while setting a definitive timeline for the offeree. The inclusion of this clause can protect parties from lingering uncertainty, ensuring that they either move forward with the agreement or explore other options within the designated timeframe.

The other options represent different concepts in real estate contracts. A contingency clause involves specific conditions that must be met for the agreement to be valid, an acceptance clause relates to the formal agreement upon acceptance, and a termination clause details how a contract can be legally terminated. However, none of these specifically address the expiration timeline of the offer in question.