Contracts
Under Indiana contract law, a counteroffer legally:
AExtends the original offer's acceptance deadline
BRejects the original offer and creates a new offer✓ Correct
CAccepts the original offer with minor modifications
DRequires the original offeror to respond within 24 hours
Explanation
A counteroffer is a rejection of the original offer and simultaneously constitutes a new offer. The original offeror is under no obligation to accept the counteroffer.
People Also Study
Related Indiana Questions
- In Indiana, if a seller rejects a buyer's offer and makes a counteroffer, the original offer:Contracts
- The Indiana Purchase Agreement is a legally binding contract once:Contracts
- An Indiana purchase contract becomes legally binding at the moment:Contracts
- In Indiana, an offer to purchase real estate may be withdrawn by the offeror at any time:Contracts
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.
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.
Study This Topic
Practice More Indiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Indiana Quiz →