Contracts
Which of the following is an example of 'accord and satisfaction' in a NC real estate context?
ABoth parties agree to close one week earlier than scheduled
BA buyer and seller agree to resolve a dispute by the buyer accepting a reduced price in full settlement of their claim✓ Correct
CA broker earns a commission upon closing
DA seller accepts a buyer's offer at full asking price
Explanation
Accord and satisfaction occurs when two parties agree to discharge an existing obligation through a new agreement (accord) and performance of that new agreement (satisfaction). In real estate, resolving a contract dispute by agreeing to a different price or remedy is an example.
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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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
Math Concepts
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