Contracts
Under Nevada law, what is the effect of a buyer submitting a counteroffer to the seller's counteroffer?
AThe original offer is reinstated automatically
BThe buyer's counteroffer voids all prior offers and counteroffers, and the seller is free to accept or reject the new terms✓ Correct
CThe seller must respond within 24 hours or the original offer stands
DBoth parties are bound to mediation before further negotiation
Explanation
Each counteroffer in Nevada constitutes a rejection of the prior offer and creates a new offer. When the buyer counters the seller's counteroffer, all previous terms are extinguished. The seller is free to accept, reject, or counter the buyer's new proposal. Neither party is bound until written acceptance is communicated.
Related Nevada Contracts Questions
- What is a purchase and sale agreement (PSA) in Nevada?
- What is novation in the context of Nevada real estate contracts?
- What is a home warranty in a Nevada residential real estate transaction?
- What is a material breach of contract under Nevada real estate law?
- Under Nevada real estate law, what is the difference between an assignment and a novation of a contract?
- What is a Nevada commercial lease termination clause?
- What is a rescission remedy in Nevada real estate law?
- What is a 'novation' in a Nevada real estate contract context?
Practice More Nevada Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nevada Quiz →