A buyer and seller in Texas have a dispute about whether a specific repair was included in the original contract terms. The buyer claims it was discussed verbally. Under the TREC contract, the amendment and notice provisions:
Correct Answer
A) Require all modifications to be in writing; verbal agreements do not modify the written contract
Under the TREC contract's merger clause (Paragraph 22) and the Statute of Frauds, all modifications to the written contract must be in writing. Verbal agreements do not modify the terms of the written contract.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
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.
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