A seller in Texas receives a notice from the buyer's agent that the buyer is terminating the contract under the financing contingency. The notice is sent by email to the seller's email address listed in the contract. Is this notice effective?
Correct Answer
D) Yes, if email is listed as an acceptable delivery method in the contract
If the contract lists email as an acceptable delivery method and the notice is sent to the correct email address, the notice is effective. The key is that the delivery method and address must match what is specified in the contract.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
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