Under Louisiana law, what is the term used to describe the moment when an offer and acceptance combine to form a binding contract for the sale of immovable property?
Correct Answer
A) Perfection of the contract
Under the Louisiana Civil Code, a contract is 'perfected' when offer and acceptance meet — that is, when the offeree's unconditional acceptance is communicated to the offeror. Louisiana Civil Code Art. 1927 states that a contract is formed by the consent of the parties, and Art. 1943 provides that an acceptance not in accordance with the terms of the offer is deemed a counteroffer. The term 'perfection' is the Civil Code terminology for contract formation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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