Contracts
What is a 'counter proposal' (counteroffer) and what happens to the original offer?
AA counter proposal has no effect on the original offer
BWhen a seller makes a counteroffer in Nevada, the original offer is rejected and legally terminated — the buyer is free to accept, reject, or counter the counter✓ Correct
CA counteroffer only modifies specific terms; the rest of the original offer stands automatically
DThe original offer becomes legally binding until the counteroffer is accepted
Explanation
In Nevada contract law, a counteroffer constitutes a rejection of the original offer. The original offer is legally terminated.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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.
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.
Math Concepts
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