Contracts
In Delaware, what is a 'counter-offer' and what effect does it have on the original offer?
AA counter-offer modifies specific terms but leaves the original offer intact
BA counter-offer rejects the original offer and creates a new offer✓ Correct
CA counter-offer is a conditional acceptance
DA counter-offer requires 24 hours for response
Explanation
A counter-offer in Delaware rejects the original offer (the original offer is dead) and proposes new terms. The roles of offeror and offeree are reversed, and the original offeror may now accept, reject, or counter the counter-offer.
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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.
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