Contracts
In a Tennessee real estate contract, 'mutual assent' refers to:
ABoth parties agreeing to use the same real estate agent
BA meeting of the minds — a valid offer and unconditional acceptance✓ Correct
CBoth parties signing in front of a notary
DThe lender approving both buyer and seller for the transaction
Explanation
Mutual assent (meeting of the minds) means both parties have agreed to the same terms — one party made an offer and the other accepted it without conditions. It is an essential element of a valid contract.
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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.
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.
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