Contracts
In Wyoming, a real estate contract that was validly entered into is typically assignable unless:
AThe property is residential
BThe contract expressly prohibits assignment or the assignment would materially change the other party's obligations✓ Correct
CThe original party remains liable after assignment
DThe property is located in Teton County
Explanation
Contracts are generally assignable unless they prohibit assignment or involve personal services requiring a specific party's performance. If a contract is assigned, the assignee takes on the contractual obligations.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA 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.
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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