Time for Acceptance of Offer and Counter-Offers; Effective Date
Section (a) is where the date that both the buyer and seller must sign the contract and deliver a copy to both parties is indicated. If the contract is not signed and delivered on this date, the offer is considered withdrawn and the deposits must be returned. Section (a) also addresses counter-offers. The time for acceptance of counter-offers should be within two days after the counter offer is delivered, unless another time is specifically stated in the contract.
Section (b) defines the effective date as the date that the last one of the buyer or seller has signed and delivered the offer or final counter offer. This is when the contract becomes effective.