Under Tennessee contract law, all of the following actions would terminate an outstanding offer to purchase real property EXCEPT:
Correct Answer
D) The buyer signs a written confirmation reiterating the original offer terms
A buyer signing a written confirmation that reiterates the original offer terms does NOT terminate the offer — it simply restates or reinforces it. The offer remains outstanding and available for the seller to accept. By contrast, revocation by the buyer (A), a counteroffer from the seller (B), and lapse of the acceptance deadline (D) all legally terminate the original offer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
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