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A seller lists a home for $350,000. A buyer responds with a written offer of $330,000 with specific contingencies. The seller signs a counter-offer at $340,000 with modified contingencies and delivers it to the buyer. The buyer signs the counter-offer accepting every term as written and returns it. At the moment the buyer's signature is delivered, both parties hold an identical written set of terms to which each has signed assent. Before that signature, the parties had only proposals and counter-proposals. What contract-formation element was achieved by the buyer's signed return of the counter-offer?
Correct Answer
D) Mutual assent
Up until the buyer's signed return, the parties had only an unaccepted proposal and a counter-proposal. The buyer's signature on the seller's exact terms produced an identical commitment by both sides — the formation element captured by mutual assent.
Answer Options
A
Express contractB
Enforceable contractC
OfferD
Mutual assentWhy This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
counter-offer signedidentical termsformation momentbuyer signatureagreement reached
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