Under Virginia contract law, which element is required to transform an offer into a binding contract?
Correct Answer
B) The seller communicates unconditional acceptance to the offeror
Under Virginia common law principles governing contract formation, a binding contract requires a valid offer followed by unconditional acceptance that is communicated back to the offeror. Until the seller's acceptance is actually communicated to the buyer (or the buyer's agent), no enforceable contract exists. Signing alone is insufficient without communication.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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