Under Oklahoma contract law, which element is required to transform an offer into a binding contract?
Correct Answer
D) The seller signs and communicates unconditional acceptance to the buyer
Under Oklahoma contract law, a binding contract is formed when the offeree (seller) accepts the offer unconditionally AND that acceptance is communicated back to the offeror (buyer). Both elements — acceptance and communication — are required. An unaccepted or uncommunicated acceptance does not create a contract.
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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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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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