Contracts
In New Jersey, if a seller accepts a buyer's offer and a backup offer simultaneously from two different buyers, the seller has likely created:
AA legally valid auction situation
BTwo binding contracts, which is a breach unless the first contract was specifically made contingent on finding a backup✓ Correct
CA valid first-right-of-refusal situation
DA permitted multiple offer situation requiring NJREC approval
Explanation
Accepting two offers to sell the same property creates two binding contracts, and the seller can only fulfill one. This is a breach of the other contract. Sellers may accept backup offers but must clearly disclose the primary contract exists and make the backup contingent on the primary falling through.
Related New Jersey Contracts Questions
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