What is a 'right of first refusal' in a Delaware real estate contract?
Why A contractual right giving a party the option to match any offer the owner receives from a third party before the owner can accept that third-party offer Is Correct
Answer B: A contractual right giving a party the option to match any offer the owner receives from a third party before the owner can accept that third-party offer
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.
Key Contracts Terms in This Question
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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.
People Also Study
Related Delaware Questions
- Which type of contract gives one party the right, but not the obligation, to purchase a property within a set period?Contracts
- An addendum to a real estate purchase contract:Contracts
- The RESPA Closing Disclosure must be provided to the buyer at least:Escrow & Title
- Habitability standards under Delaware law require that rental properties have:Property Management
- What is a 'right of first refusal' in a Delaware real estate context?Contracts
- What is a 'first right of refusal' in a Delaware commercial lease?Escrow & Title
- Under Delaware law, a life estate grants the life tenant the right to:Property Ownership
- In a designated agency arrangement in Delaware, two licensees from the same firm each represent one party. The broker:Agency
Key Terms to Know
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Math Concepts
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 →