Contracts
In Tennessee, what is the legal effect of a counteroffer on the original offer?
AThe original offer remains open for 3 days
BThe original offer is terminated and the counteroffer becomes a new offer✓ Correct
CBoth offers remain open simultaneously
DThe original offer is suspended pending acceptance of the counteroffer
Explanation
A counteroffer legally terminates the original offer and constitutes a new offer. The original offeror is under no obligation to accept the counteroffer.
Related Tennessee Contracts Questions
- In a Tennessee real estate contract, 'mutual assent' refers to:
- In Tennessee, a 'tender' in a real estate contract means:
- In Tennessee, if a seller receives multiple offers simultaneously, the seller:
- An option contract in real estate gives the optionee:
- In Tennessee, which of the following clauses protects a seller who accepts a contingent offer while still marketing the property?
- In Tennessee, a 'simultaneous closing' or 'double closing' in a real estate transaction involves:
- In Tennessee, a 'due-on-sale' clause in a mortgage means:
- A real estate purchase contract that is unenforceable due to the buyer's minority (age) is best described as:
Practice More Tennessee Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Tennessee Quiz →