Is an offer to purchase a contract?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $9.99Unlock all

Prepare for the Real Estate Express Exam with our comprehensive quiz! Use flashcards and multiple-choice questions, each with hints and explanations. Ace your exam with confidence!

Multiple Choice

Is an offer to purchase a contract?

Explanation:
An offer to purchase is a proposal, not a contract. A contract requires mutual assent and consideration, and that assent is given when the seller accepts the offer. Until acceptance, there’s no binding agreement. Once the seller signs or otherwise accepts the terms, a contract is formed based on those terms. So the offer itself isn’t the contract; the contract comes into existence only upon acceptance.

An offer to purchase is a proposal, not a contract. A contract requires mutual assent and consideration, and that assent is given when the seller accepts the offer. Until acceptance, there’s no binding agreement. Once the seller signs or otherwise accepts the terms, a contract is formed based on those terms. So the offer itself isn’t the contract; the contract comes into existence only upon acceptance.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy