Contracts
A Delaware seller accepts a buyer's offer but changes the price before signing. This constitutes a:
ABinding acceptance
BCounteroffer✓ Correct
CConditional acceptance
DNovation
Explanation
A change to any material term of an offer (such as price) before acceptance constitutes a counteroffer, which rejects the original offer and creates a new offer for the other party to consider.
People Also Study
Related Delaware Questions
- A Delaware buyer submits an offer on a home. The seller changes the price and signs the modified offer back to the buyer. This is legally a:Contracts
- A Delaware property has a list price of $425,000. The seller accepts an offer of 97.5% of list price. Delaware transfer tax is 3% split 50/50. How much does the buyer pay in transfer tax?Real Estate Math
- A Delaware property sells for $320,000. The commission rate is 5.5%. What is the total commission?Real Estate Math
- A buyer submits an offer on a Delaware property. Before the seller accepts, the buyer withdraws the offer. What is the result?Contracts
- A Delaware homeowner sells their home for $425,000 after owning it for 5 years. Original purchase price was $330,000. Selling costs total $28,000. What is the net gain?Real Estate Math
- A Delaware seller accepts an offer for $350,000 but the sale is conditioned on the buyer obtaining a satisfactory home inspection. The result of a home inspection contingency that reveals a major foundation problem should be:Contracts
- In Delaware, which party in a land contract (contract for deed) holds legal title during the contract term?Property Ownership
- In Delaware, what must occur to have a valid acceptance of a real estate offer?Contracts
Key Terms to Know
Right of First Refusal
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 Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →