Contracts
A NC seller who accepts two offers on the same property (without backup offer provisions) and attempts to close with both buyers has committed:
AA smart negotiating strategy
BFraud and breach of contract against both buyers✓ Correct
CA valid multiple-contract strategy
DA violation only if the buyers find out
Explanation
Entering two binding contracts to sell the same property simultaneously (without backup provisions) is fraud and breach of contract — the seller can only honor one, creating liability to the other buyer.
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Key Terms to Know
Earnest Money
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Math Concepts
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