Audit memo Harbor Case highlights this Florida rule. In a Tallahassee transaction, a closing coordinator wants the Florida rule on offer. Which statement is correct?
Correct Answer
D) A counteroffer rejects the original offer and creates a new offer.
A counteroffer rejects the original offer and creates a new offer. This follows F.S. § 725.01; current Florida residential contract practice; Pearson VUE Florida Sales Associate CIB.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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In a Ocala transaction, a buyer wants the Florida rule on offer. Which statement is correct?
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A Florida licensee prepares a sales contract for a residential property. The buyer signs the contract and includes an earnest money deposit check. The seller reviews the contract, crosses out the closing date, writes in a new date 30 days later, initials the change, and signs the contract. What is the legal status of this transaction?