At Copper State Homes in Gilbert, a buyer signs an offer but the seller changes one term before signing it. What should the parties assume under current Arizona rules?
Correct Answer
B) a change to a material term prevents simple acceptance and functions as a counteroffer rather than mirror acceptance
Under general Arizona contract law; current AAR contract practice, a change to a material term prevents simple acceptance and functions as a counteroffer rather than mirror acceptance.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
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Under the current AAR Buyer Advisory, during an Arizona file audit in Yavapai County, a buyer assumes the Arizona Buyer Advisory is a guarantee that every due-diligence issue has already been verified by the broker. What should the parties assume under current Arizona rules?
- → In a Goodyear transaction review, a salesperson wonders whether all issues belong inside the core purchase contract body even when a specialized addendum exists. What is the best answer under current Arizona law or current Arizona form practice?
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- → At Red Rock Desert Properties in Scottsdale, Under current Arizona rules, which statement best describes listing contract purpose?
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At a brokerage meeting in Tempe, a buyer claims there is a binding purchase contract for a duplex based solely on an unrecorded oral promise. Which outcome best matches current Arizona practice?
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At Sonoran Valley Realty in Tucson, a buyer signs an offer but the seller changes one term before signing it. What is the most accurate response?