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?
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 purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
More Az Contracts Questions
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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 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?
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In a licensing seminar in Scottsdale, a buyer claims there is a binding purchase contract for an unsubdivided vacant parcel based solely on an unrecorded oral promise. Which statement should the broker communicate?