Contracts
A North Dakota seller receives two simultaneous offers on the same day. They may legally:
AOnly accept the higher offer
BAccept either offer, counter either or both, or reject both—the seller has full discretion✓ Correct
COnly communicate with the buyer who submitted first
DCounter both offers and be bound to both if both accept
Explanation
Receiving multiple offers does not legally obligate a seller to accept any of them. The seller has full discretion to accept one, counter one or both (carefully, to avoid inadvertently accepting both), or reject all offers.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA 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.
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