Under the Utah Residential Real Estate Purchase Contract (REPC), when a seller makes changes to a buyer's original offer and signs the modified document, this action is best described as:
Correct Answer
B) A counteroffer that terminates the original offer
Under Utah contract law and the REPC framework, when a seller modifies any term of the buyer's original offer and signs it, the seller has issued a counteroffer. A counteroffer acts as a rejection of the original offer and simultaneously presents a new offer to the buyer. The original offer is terminated and can no longer be accepted by the seller.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
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