Under Oregon contract law and real estate practice, which of the following is NOT a valid way to terminate an offer before a binding contract is formed?
Correct Answer
A) The offeree accepts all terms of the offer and communicates acceptance to the offeror.
Option C describes acceptance — the offeree agreeing to all terms and communicating that agreement — which results in the formation of a binding contract, NOT the termination of the offer. The question asks for what does NOT terminate an offer before a contract is formed. Acceptance completes the contract; it does not terminate the offer in the sense of ending negotiations without agreement.
Why This Is the Correct Answer
Why the Other Options Are Wrong
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Related Topics & Key Terms
Key Terms:
Related Concepts
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
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