Contracts
What does 'mutual assent' mean in the context of a Delaware real estate contract?
ABoth parties sign the contract in the presence of a notary
BBoth parties have agreed to the same essential terms — a 'meeting of the minds'✓ Correct
CThe contract is reviewed by both attorneys
DBoth parties agree to close within 30 days
Explanation
Mutual assent (meeting of the minds) requires that both parties genuinely agree to the same terms — expressed through a valid offer and acceptance — without misunderstanding of the essential terms.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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