Contracts
Under the Mailbox Rule, acceptance of a mailed offer is effective:
AWhen the offeror receives the acceptance
BWhen the acceptance is deposited in the mail (sent)✓ Correct
CWhen both parties sign the acceptance
DWhen the broker confirms acceptance to both parties
Explanation
Under the traditional Mailbox Rule (common law), acceptance of an offer by mail becomes effective when deposited in the mail, not when the offeror receives it. However, electronic communications may operate differently under modern law.
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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.
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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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