If a buyer makes an offer with an expiration time and the seller counters after the deadline, the buyer:
Why Is not bound; the original offer expired Is Correct
Answer B: Is not bound; the original offer expired
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.
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Key Terms to Know
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Life EstateA freehold interest in real property that lasts only for the duration of a specified person's life.
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.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Math Concepts
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