Contracts
A buyer's offer is submitted and the seller responds with different terms. This is known as a:
AAcceptance
BNovation
CCounteroffer✓ Correct
DRescission
Explanation
When a seller responds to a buyer's offer with different terms, this is a counteroffer. It terminates the original offer and creates a new offer from the seller, which the buyer may accept, reject, or counter again.
Related Illinois Contracts Questions
- In Illinois, which of the following is required for a real estate contract to be enforceable under the Statute of Frauds?
- In Illinois, a listing agreement is required to include all of the following EXCEPT:
- Under the Illinois Residential Real Property Disclosure Act, which of the following properties is EXEMPT from disclosure requirements?
- A 'kick-out clause' in a real estate contract allows the seller to:
- An 'as-is' clause in a real estate contract means:
- In contract law, 'consideration' is best defined as:
- A bilateral contract in real estate is one in which:
- Under Illinois law, if a buyer fails to close on a real estate contract, the seller's remedy of retaining the earnest money deposit is known as:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →