Under the TREC One to Four Family Residential Contract, all of the following are true about the option period EXCEPT:
Correct Answer
A) The seller also has an unrestricted right to terminate during the option period
The seller does NOT have an unrestricted right to terminate during the option period. The option period grants this right exclusively to the buyer. The seller is bound by the contract during the option period.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
More Promulgated Contract Forms Questions
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