Maria is a buyer's broker in Oregon representing a client who wants to purchase a home listed at $425,000. Maria's client submits a written offer, and the seller responds with a counteroffer changing the price to $415,000 and modifying the closing date. Maria's client verbally tells her they accept the counteroffer. What must happen next for a binding purchase and sale agreement to exist in Oregon?
Correct Answer
A) The buyer must sign the counteroffer in writing and communicate acceptance to the seller
Under Oregon's Statute of Frauds (ORS 41.580), a contract for the sale of real property must be in writing and signed by the party to be charged. A verbal acceptance of a counteroffer is insufficient to create a binding purchase and sale agreement. The buyer must sign the counteroffer (or a new written acceptance) and that acceptance must be communicated to the seller to form a binding contract.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
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