A 'right of first refusal' in a NC real estate contract gives the holder the right to:
Why Match any bona fide offer before the owner may accept it from a third party Is Correct
Answer B: Match any bona fide offer before the owner may accept it from a third party
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.
Key Contracts Terms in This Question
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Key Terms to Know
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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