Contracts
What is 'mutual assent' (meeting of the minds) in a Delaware real estate contract?
AAn agreement where both parties agree to use the same real estate agent
BAgreement by both parties on all essential terms — offer and acceptance — resulting in a binding contract✓ Correct
CThe requirement that both parties have legal counsel review the contract
DThe mutual agreement to use binding arbitration to resolve disputes
Explanation
Mutual assent (meeting of the minds) is the genuine agreement between parties on all essential terms of the contract — achieved through a valid offer and acceptance. It is one of the four essential elements of a valid contract: offer and acceptance (mutual assent), consideration, competent parties, and legal purpose.
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