Under Connecticut contract law, which of the following best describes the moment a real estate purchase offer becomes a binding contract?
Correct Answer
D) When the seller signs the offer and the buyer is notified of the seller's acceptance
Under Connecticut contract law, mutual assent — and therefore a binding contract — is formed when the offeror (buyer) receives communication of the offeree's (seller's) unqualified acceptance. Signing alone by the seller is insufficient; the acceptance must be communicated to the buyer to be effective. This reflects the general common law principle of offer and acceptance as applied in Connecticut courts.
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Related Topics & Key Terms
Key Terms:
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.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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