In Colorado, the 'Right of First Refusal Addendum' to the CBS contract gives the holder:
Why B. The option to match any accepted offer on the property within a specified time period before the seller can proceed with the third-party buyer Is Correct
Answer B: B. The option to match any accepted offer on the property within a specified time period before the seller can proceed with the third-party buyer
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.
Key Contracts Terms in This Question
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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.
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.
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.
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