A buyer in Chandler includes a provision in their offer requiring the seller to provide a one-year home warranty covering HVAC, plumbing, and electrical systems. The seller counter-offers agreeing to the warranty but limiting coverage to six months. If the buyer accepts this counter-offer, what is the warranty term?
Correct Answer
D) Six months as specified in the seller's counter-offer
Correct: D - Six months as specified in the seller's counter-offer. When a buyer accepts a counter-offer, they are agreeing to the terms as modified in the counter-offer, which in this case is six months of warranty coverage. Why not A: This option is incorrect because "One year as originally requested by the buyer" does not match the rule tested by the question. The correct answer is "Six months as specified in the seller's counter-offer". When a buyer accepts a counter-offer, they are agreeing to the terms as modified in the counter-offer, which in this case is six months of warranty coverage. Why not B: This option is incorrect because "The standard warranty term under Arizona law" does not match the rule tested by the question. The correct answer is "Six months as specified in the seller's counter-offer". When a buyer accepts a counter-offer, they are agreeing to the terms as modified in the counter-offer, which in this case is six months of warranty coverage. Why not C: This option is incorrect because "No warranty is required since terms were changed" does not match the rule tested by the question. The correct answer is "Six months as specified in the seller's counter-offer". When a buyer accepts a counter-offer, they are agreeing to the terms as modified in the counter-offer, which in this case is six months of warranty coverage.
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Related Topics & Key Terms
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Related Concepts
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.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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