Contracts
An Oklahoma seller accepts a purchase offer and both parties sign. Before the buyer delivers the earnest money, the seller receives a higher offer. The seller may:
AAccept the higher offer since no earnest money has been received
BNot accept the higher offer as the first contract is already binding✓ Correct
CAccept the higher offer only if the first buyer agrees in writing
DAccept both offers and let the buyers compete
Explanation
A signed purchase contract is binding upon execution (offer and acceptance with signatures). Earnest money is evidence of good faith but is not a requirement for contract formation.
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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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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.
Math Concepts
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