Contracts
If a seller receives two offers simultaneously, the seller may:
AOnly accept the highest offer
BAccept one offer and reject the other, or counter both✓ Correct
CAccept both offers at the same time
DBe required to present both to arbitration
Explanation
A seller who receives multiple offers may accept one and reject the other(s), counter one or all offers, or reject all — but may not accept two offers simultaneously for the same property.
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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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