While reviewing a transaction in Apache County, a buyer signs an offer but the seller changes one term before signing it. What is the most accurate response?
Correct Answer
C) 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
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
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Previous Question
A Paradise Valley luxury home sale includes a clause stating 'This contract is contingent upon buyer's sale of existing residence at 123 Oak Street within 60 days.' After 45 days with no offers on the buyer's home, the seller receives another offer and wants to force a decision. What can the seller do under Arizona law?
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At a brokerage meeting in Surprise, a buyer signs an offer but the seller changes one term before signing it. Which statement should the broker communicate?