In Connecticut, a counteroffer made by a seller in response to a buyer's purchase offer has which of the following legal effects?
Correct Answer
A) It terminates the original offer and creates a new offer that the buyer may accept or reject
Under Connecticut contract law, a counteroffer operates as a rejection of the original offer and simultaneously creates a new offer. Once the seller makes a counteroffer, the original offer is extinguished and the buyer is under no obligation to accept it. The buyer may accept the counteroffer, reject it, or submit another counteroffer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
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.
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