Contracts
In Kansas, what is a 'counter-offer' and what effect does it have on the original offer?
AIt accepts part of the original offer
BIt rejects the original offer and creates a new offer with different terms; the original offer is terminated✓ Correct
CIt extends the original offer's acceptance deadline
DIt requires the original offeror to accept the new terms
Explanation
A counter-offer is a rejection of the original offer and simultaneously creates a new offer with modified terms. The original offeror is now free to accept or reject the counter-offer.
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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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