A seller signs a buyer's offer only after changing one material term. Under Arizona contract-formation principles, how should that signed document be treated?
Correct Answer
A) 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
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Related Concepts
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.
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.
More Az Contracts Questions
In a Scottsdale transaction review, a party asks whether contract cancellation always excludes every other possible remedy under Arizona law. Which statement should the broker communicate?
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What is the purpose of the AAR Buyer's Inspection Notice and Seller's Response form?
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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- → In a licensing seminar in Peoria, a salesperson wonders whether all issues belong inside the core purchase contract body even when a specialized addendum exists. Which statement is most accurate under current Arizona rules?
- → In the AAR Residential Purchase Contract, what does the term 'Close of Escrow' specifically refer to?
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- → Under the current AAR Buyer Advisory, in a Glendale transaction review, a buyer assumes the Arizona Buyer Advisory is a guarantee that every due-diligence issue has already been verified by the broker. What is the most accurate response?
- → At Red Rock Desert Properties in Scottsdale, Under current Arizona rules, which statement best describes listing contract purpose?
- → In AAR standard purchase contracts, what does the 'As-Is' addendum specifically mean for the buyer?
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Previous Question
A Tempe purchase contract includes a provision stating 'Seller shall provide clear title free of all encumbrances except those specifically accepted by buyer.' The title commitment reveals an easement not disclosed in the contract. How should this be handled?
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A buyer in Phoenix submits an offer on a home with a financing contingency clause stating they must secure a loan within 21 days. On day 20, the buyer's lender requests additional documentation that will delay approval by 10 days. Under Arizona law, what should the buyer do to protect their earnest money?