Contracts
In Montana, a buyer who makes multiple offers on different properties simultaneously and receives acceptances from more than one seller would be:
AIn the best negotiating position since they have multiple choices
BIn breach of contract with all sellers except the one whose acceptance was communicated first or for whom they intend to honor the contract✓ Correct
CProtected from liability since all offers are conditional
DRequired to purchase all properties at which offers were accepted
Explanation
Making multiple offers with the intent to accept only one creates potential breach of contract liability in Montana if multiple sellers accept. Once a seller's acceptance is communicated, a binding contract exists.
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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.
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.
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.
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