Contracts
In NC, if the seller accepts an offer and later receives a higher offer, the seller:
ACan accept the higher offer because it is better for them
BCannot accept the higher offer because they are bound by the first contract✓ Correct
CCan accept the higher offer if the first buyer has not yet conducted inspections
DCan accept the higher offer if the due diligence period has not started
Explanation
Once a seller accepts an offer and a binding contract is formed in NC, the seller is legally bound to that contract. Accepting a subsequent offer would make the seller liable for breach of contract.
Related North Carolina Contracts Questions
- A buyer and seller in North Carolina have signed a contract, but closing is delayed because the seller cannot produce clear title. This is an example of:
- Liquidated damages in a North Carolina real estate contract are:
- Under the NC Offer to Purchase, if a buyer terminates AFTER the due diligence period without a valid contractual reason, what happens to the earnest money deposit?
- What is the legal effect of time being 'of the essence' in a North Carolina real estate contract?
- A 'counteroffer' in a NC real estate transaction legally constitutes:
- Under NC contract law, 'rescission' of a contract restores the parties to:
- An addendum to a North Carolina real estate contract:
- In NC, a seller's disclosure of property condition is made using the:
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →