Contracts
Under Oregon law, what must happen for an offer to purchase to become a binding contract?
AThe buyer and seller must meet in person to sign
BThe offer must be accepted in its entirety — without modification — by the seller and communicated back to the buyer before the offer expires✓ Correct
CThe earnest money must be deposited in escrow
DThe lender must approve the loan terms
Explanation
For a binding purchase contract to form in Oregon, the seller must accept the offer as written (mirror image rule) — without any changes. Any change to the offer terms creates a counteroffer, not an acceptance.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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