Contracts
In Montana, a purchase contract provision stating that the offer expires at 5:00 PM on a specific date means:
AThe seller must respond by that date or the deal is void but both parties can extend
BThe seller must accept, reject, or counter before the specified deadline or the offer automatically terminates✓ Correct
CThe buyer may withdraw anytime before 5:00 PM only
DThe date is a guideline only and can be extended verbally
Explanation
An offer expiration provision in a Montana contract creates a definitive deadline. If the seller fails to accept, reject, or provide a counter-offer before the expiration time, the offer terminates automatically.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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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