Contracts
What is 'mutual assent' in an Oregon real estate contract?
AThe lender's approval of the buyer's loan application
BA meeting of the minds where both parties agree to the same terms — achieved through an offer and an unqualified acceptance✓ Correct
CThe escrow company's confirmation that all funds are in order
DOREA's approval of the contract terms
Explanation
Mutual assent (meeting of the minds) is formed when a seller accepts a buyer's offer without modification, or vice versa, creating a binding contract. Both parties must agree to the identical terms. A counteroffer destroys the original offer and starts the process over. Mutual assent is one of the essential elements of a valid Oregon real estate contract.
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