Contracts
When a seller in Hawaii accepts a buyer's offer but changes the price before signing, this creates:
AA binding contract at the buyer's original price
BA counteroffer that the buyer must accept or reject✓ Correct
CA void contract
DAn option contract
Explanation
Any material change to an offer, including price, creates a counteroffer rather than an acceptance. The buyer is free to accept or reject the counteroffer.
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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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