A buyer signs a Florida residential purchase agreement but includes 'Subject to my attorney's approval within 5 days' next to their signature. The seller signs without addressing this addition. What is the status of this contract?
Correct Answer
B) The contract is valid but subject to the attorney approval contingency
Correct: B - When the seller signs without objecting to the added contingency, they accept the contract with that condition. The contract is valid but contingent on attorney approval. Why not A: The modification doesn't void the contract if accepted. Why not C: The clause cannot be ignored if both parties signed with it present. Why not D: The seller's acceptance of the modified terms is not a counter-offer.
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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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Previous Question
A Florida purchase agreement states a purchase price of $350,000 with the buyer putting down 20%. The contract requires an additional escrow deposit of $5,000 within 10 days. What is the total amount the buyer must provide before closing?
Next Question
In a Florida real estate transaction, the purchase agreement includes a mortgage contingency clause. The buyer receives a loan commitment letter with an interest rate 0.5% higher than specified in the contract. What are the buyer's rights?