A Wisconsin seller receives a written offer to purchase and is considering the seller's options. Which of the following is NOT a legally recognized response available to a seller upon receiving an offer under Wisconsin contract law?
Correct Answer
D) Accept the offer conditionally, binding the buyer while the seller finalizes terms
A conditional acceptance is NOT a legally recognized form of acceptance under Wisconsin or general contract law. Acceptance must be unconditional and must mirror the terms of the offer exactly (mirror image rule). If a seller attempts to accept 'conditionally' — agreeing to some terms while changing or reserving others — this constitutes a counteroffer, not an acceptance. The buyer is not bound by a conditional acceptance, and no contract is formed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
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