Robert makes an offer on a house in Philadelphia using the PAR Agreement of Sale. The seller signs the agreement but changes the closing date from June 15 to July 1. Under Pennsylvania contract law, what has the seller created?
Correct Answer
D) A counteroffer that Robert may accept or reject
Under Pennsylvania contract law, when a party signs an offer but makes any changes to the terms, it constitutes a rejection of the original offer and creates a counteroffer. The original offeror (Robert) is free to accept or reject the counteroffer with the modified closing date.
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A buyer in Pennsylvania signs a standard Agreement of Sale for a single-family home. Which of the following documents is MOST commonly used as the standard residential purchase contract in Pennsylvania?
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Sandra, a buyer in Pennsylvania, submits an offer that includes a hand money deposit of $5,000. According to the PAR Agreement of Sale, where must this deposit be held?