Contracts
A Mississippi buyer makes an offer and the seller accepts but changes one term (counteroffer). The buyer then verbally accepts the counter. Is there a binding contract?
AYes, verbal acceptance of a counteroffer is always binding
BNo — under the Statute of Frauds, real estate contracts must be in writing; verbal acceptance does not create an enforceable contract✓ Correct
CYes, if both parties have witnesses to the verbal acceptance
DOnly if the verbal acceptance is followed by a deposit
Explanation
Mississippi's Statute of Frauds requires real estate contracts to be in writing and signed by the party to be bound. A verbal acceptance of a counteroffer does not create an enforceable contract for the sale of real property. The buyer should execute a written acceptance of the seller's counteroffer to have a binding contract.
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