Contracts
In New Jersey, an offer to purchase becomes a binding contract when:
AThe buyer signs the offer
BThe seller signs the offer and the buyer is notified of acceptance✓ Correct
CThe attorney review period expires without cancellation
DThe deposit check clears the bank
Explanation
A contract is formed when the offeree (seller) accepts the offer and communicates that acceptance to the offeror (buyer). In NJ practice, the contract becomes binding once the seller signs and the buyer is notified—subject to the 3-business-day attorney review period.
Related New Jersey Contracts Questions
- A unilateral contract involves:
- A NJ 'as-is' sale where the seller provides no representations or warranties means the buyer is relying on:
- An option contract in NJ real estate gives the optionee (buyer) the right to:
- The New Jersey Seller's Property Condition Disclosure Statement requires sellers of residential property to disclose:
- In New Jersey, residential contracts of sale typically include an attorney review period of:
- When a buyer's offer is rejected and the seller makes a change to the terms, this is known as a:
- During the NJ attorney review period, which of the following is true?
- An 'as-is' clause in a NJ real estate contract:
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