No, there is no time limit unless the buyer specifies one. To avoid not being able to move forward because they don't know if the seller will accept the offer--that is, sign the contract--the buyer should send the seller something in writing giving them 24 more hours to sign (or whatever longer time period they are comfortable with) and stating that the offer will be considered withdraw after that. The buyer has the right to limit how long the offer and contract are "on the table."
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