ContractsOffer_to_purchase_and_contract_form_2tEASY
A broker-in-charge in Greensboro is updating the policy manual on Offer to Purchase and Contract (Form 2-T). Which statement best applies under current North Carolina law?
Correct Answer
D) A contract becomes effective when the final party communicates acceptance as provided in the form, not merely when one side signs privately.
A contract becomes effective when the final party communicates acceptance as provided in the form, not merely when one side signs privately.
Answer Options
A
A contract is effective only when earnest money clears the bank under current North Carolina rulesB
A contract becomes effective as soon as the buyer signs the offer, even before seller acceptance is communicated.C
The effective date is always the closing date under current North Carolina rulesD
A contract becomes effective when the final party communicates acceptance as provided in the form, not merely when one side signs privately.Why This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
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