Contracts
When an Oklahoma seller makes a counteroffer in response to a buyer's offer, which statement is true?
AThe original offer remains open for acceptance during the counteroffer period
BThe counteroffer constitutes a rejection of the original offer and a new offer; the original buyer may accept, reject, or counter the counteroffer✓ Correct
CThe seller is legally bound to accept if the buyer re-submits the original offer
DCounteroffers must be submitted to OREC for approval
Explanation
A counteroffer simultaneously rejects the original offer and presents new terms. Once the seller counteroffers, the original offer is dead — the seller cannot later accept it unless the buyer restates it.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
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.
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