A buyer in Bridgeport, Connecticut makes a written offer to purchase a residential property. The seller's agent presents the offer to the seller, who crosses out the offered price of $320,000, writes in $335,000, and initials the change before signing. The seller's agent delivers the modified document to the buyer's agent. Which of the following most accurately describes the legal status of this document?
Correct Answer
B) It is a counteroffer at $335,000 that terminates the original offer and requires the buyer's fresh acceptance
When the seller materially alters the terms of the buyer's offer — including the purchase price — and signs the modified document, this constitutes a counteroffer under Connecticut contract law. The counteroffer rejects the original offer and presents new terms. The original offer at $320,000 is extinguished, and the buyer is free to accept the $335,000 counteroffer, reject it, or submit a new counteroffer. No binding contract exists until the buyer communicates acceptance of the $335,000 terms.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
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