A NC buyer makes an offer on a Friday. The seller has until Sunday at 5 PM to accept. If the seller's broker calls the buyer's broker on Sunday at 4 PM to verbally accept, is there a binding contract?
Why No, in real estate contracts written acceptance is required for a binding agreement Is Correct
Answer C: No, in real estate contracts written acceptance is required for a binding agreement
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
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Key Terms to Know
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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