Contracts
A Connecticut seller accepts a buyer's offer by signing the purchase contract. Before the seller's agent can notify the buyer, the seller calls back and says 'I changed my mind.' Is there a binding contract?
AYes, because the seller signed the contract
BNo, because the acceptance was not communicated to the buyer before revocation✓ Correct
CYes, but the seller can rescind within 3 business days
DNo, because the agent must countersign for a contract to be binding
Explanation
Under contract law, acceptance must be communicated to the offeror to create a binding contract. If the seller revokes acceptance before it is communicated to the buyer, no contract exists.
Related Connecticut Contracts Questions
- A Connecticut buyer signs a purchase and sale agreement and provides a $10,000 earnest money deposit. The buyer discovers a material defect during inspection and invokes the inspection contingency to terminate. The earnest money:
- A Connecticut real estate contract is found to have been induced by fraud. This contract is:
- A 'lease with option to purchase' in Connecticut gives the tenant-buyer:
- A Connecticut buyer's offer is contingent on the property appraising at the purchase price. The appraisal comes in $15,000 below the agreed price. The buyer's options under a typical appraisal contingency include all of the following EXCEPT:
- When a Connecticut seller makes a change to a buyer's offer and returns it to the buyer, what type of contract exists at that moment?
- A Connecticut buyer signs a purchase agreement. The contract includes a 'no oral modification' clause. Two weeks later, the seller verbally agrees to include the refrigerator in the sale. Under contract law:
- A real estate contract that is voidable differs from a void contract in that a voidable contract:
- A Connecticut seller and buyer sign a purchase contract. The seller then accepts a higher offer from another buyer. This is known as:
Practice More Connecticut Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Connecticut Quiz →