A seller accepts an offer and then receives a higher offer the next day. The seller wishes to accept the new offer instead. The seller may:
Why Not accept the higher offer without breaching the first contract Is Correct
Answer C: Not accept the higher offer without breaching the first contract
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
People Also Study
Related Alaska Questions
- Which contract clause allows a buyer to exit the purchase agreement if they cannot obtain financing on specified terms?Contracts
- A contingency clause in a purchase agreement that states 'this offer is contingent upon the buyer obtaining a mortgage at no more than 7% interest' is an example of:Contracts
- An Alaska purchase agreement provides that any disputes will be resolved through binding arbitration. This clause is:Contracts
- An Alaska seller who accepts a backup offer must inform the backup buyer when the primary contract:Contracts
- When a buyer terminates a purchase agreement without a valid contractual reason and forfeits earnest money, the broker:Alaska License Law
- A listing expires without a sale. Three weeks later, the seller accepts an offer from a buyer who was shown the property by the original agent during the listing period. Under most Alaska listing agreements, the seller may owe a commission if:Agency
Key Terms to Know
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Study This Topic
Practice More Alaska Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →