Contracts
Vermont's 'tender of performance' in a real estate contract means:
AA gentle offer to negotiate
BA party's demonstration of readiness, willingness, and ability to perform their contractual obligations✓ Correct
CThe final payment to the closing attorney
DThe lender's commitment letter
Explanation
Tender is a formal showing by a party that they are ready, willing, and able to perform their contractual obligations. A valid tender may be required before a party can claim the other side is in breach.
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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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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