In Virginia, when a seller responds to a buyer's offer by changing the purchase price but accepting all other terms, this response is legally classified as which of the following?
Correct Answer
D) A counteroffer that terminates the original offer
Under Virginia contract law, any change to the material terms of an offer — including price — constitutes a counteroffer. A counteroffer simultaneously rejects the original offer and creates a new offer from the seller to the buyer. The original offer is terminated and cannot be accepted by the seller after making a counteroffer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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.
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