Contracts
What is the legal effect of a buyer's written acceptance of a seller's counteroffer in Rhode Island?
AThe parties have a binding contract on the terms of the counteroffer✓ Correct
BThe seller must reduce the price further
CThe original offer is reinstated
DThe contract is subject to attorney review only
Explanation
When a buyer accepts a seller's counteroffer in writing, a binding contract is formed on the terms set forth in the counteroffer. This acceptance completes the offer-acceptance process required for contract formation.
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