Contracts
What happens to an offer in Arizona if the offeree dies before accepting?
AThe offer becomes binding on the estate
BThe offer is automatically accepted
CThe offer terminates upon the death of the offeree✓ Correct
DThe executor of the estate may accept the offer
Explanation
An offer terminates automatically upon the death of either the offeror or the offeree before acceptance. Death ends the legal capacity to contract.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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