For an addendum to a purchase and sale agreement to be valid in Maine, it must be signed by:
Correct Answer
B) Both the buyer and the seller
An addendum modifies the terms of an existing purchase and sale agreement and is only valid when signed by all parties to the contract — both the buyer and the seller. A signature from only one party does not create a binding modification. In Maine, as in all states, mutual assent (agreement by all parties) is required for any contract modification to be enforceable.
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Related Topics & Key Terms
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Related Concepts
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.
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
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