Under the TREC contract, the buyer wants to assign the contract to another buyer (their LLC). The original contract does not address assignment. An assignment:
Correct Answer
D) Typically requires the seller's consent and should be addressed through a TREC Amendment
Contract assignment typically requires the other party's consent unless the contract specifically permits it. Since the original contract does not address assignment, the buyer should obtain the seller's agreement through a TREC Amendment.
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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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