Contracts
Mutual consent (meeting of the minds) in a contract requires:
ANotarization by both parties
BAn offer and an unqualified acceptance of all terms✓ Correct
CA third-party witness to the signing
DPayment of earnest money at signing
Explanation
Mutual consent (offer and acceptance) requires that one party make an offer and the other party accept all terms of that offer without qualification. Any change to the terms constitutes a counteroffer.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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