Contracts
A Washington buyer and seller have a fully executed purchase and sale agreement. The seller then receives a higher offer. The seller can legally:
AAccept the higher offer because it is a better deal
BTerminate the existing contract to accept the higher offer
COnly proceed with the higher offer if the first buyer formally defaults
DPresent the higher offer to the first buyer and request they match it✓ Correct
Explanation
Once a purchase and sale agreement is fully executed, it is a binding contract. The seller cannot simply cancel it to accept a better offer.
Related Washington Contracts Questions
- A Washington buyer makes an all-cash offer with no financing contingency and no inspection contingency. This type of offer is described as:
- A Washington seller's disclosure statement (Form 17) is required for which of the following transactions?
- A Washington buyer and seller agree to extend the closing date by 10 days due to lender delays. This modification to the purchase and sale agreement should be:
- Under Washington law, which of the following best describes the parol evidence rule as applied to real estate contracts?
- In Washington, the Real Estate Purchase and Sale Agreement (Form 21) developed by NWMLS includes an addendum for which common transaction type?
- Under Washington contract law, a 'void' contract differs from a 'voidable' contract in that a void contract:
- Under Washington law, a real estate purchase and sale agreement is considered 'fully executed' when:
- A Washington real estate contract specifies that 'time is of the essence.' What does this phrase mean?
Practice More Washington Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Washington Quiz →