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Contract Law

Multiple Choice
Identify the letter of the choice that best completes the statement or answers the question.
 

 1. 

An acceptance which changes one of the terms of the offer is:
a.
A counteroffer and rejection of the offer.
b.
A valid acceptance.
c.
Not possible
d.
Not legally recommended
 

 2. 

An offer from the seller back to the buyer is a/an?
a.
option
b.
counteroffer
 

 3. 

A buyer offered $45,000 on a lot listed for $50,000. The seller countered at $49,000. The buyer made an offer of $47,500. The seller rejected the offer. Several days later, the seller notified the buyer that the seller was accepting the $47,500 offer.
a.
There is a contract at $47,500.
b.
No contract was created.
 

 4. 

A contract is created when:
a.
the earnest money is paid.
b.
the buyer is notified of the seller's signed written acceptance of the offer.
 

 5. 

Prior to closing, the buyer learns that the zoning has been changed in such a way that the property is more desirable. The contract is:
a.
Enforceable.
c.
Voidable.
b.
Void.
d.
Breached.
 



 
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