Maria submits a written offer to purchase a home in Tulsa for $285,000. The seller, Robert, crosses out $285,000, writes in $295,000, initials the change, and returns the document to Maria. Under Oklahoma law, what has Robert created?
Correct Answer
B) A counteroffer that terminates Maria's original offer
Under Oklahoma contract law, a counteroffer occurs when the offeree changes any material term of the original offer. Robert's change of the purchase price constitutes a counteroffer, which simultaneously terminates Maria's original offer and presents a new offer for Maria to accept or reject. Maria is no longer bound by her original offer of $285,000.
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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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