Question

A homeowner enters into a contract to sell her home to a potential buyer for $500,000....

A homeowner enters into a contract to sell her home to a potential buyer for $500,000. The potential buyer provides additional consideration and, in exchange, the homeowner agrees not to revoke her offer while the potential buyer obtains the necessary financing for the purchase. This is an example of a(n) . . .

Group of answer choices:

a.Firm offer under the UCC

b.Rejection under the mirror image rule

c.Void contract under the doctrine of illegality

d.Options contract under the common law

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The correct answer is option (D) Options contract under the common law

An agreement that grants the party that owns the option, the Optionee,  the exclusive, unrestricted, and irrevocable right to purchase property from the party selling the option, the Optionor, during the specified period of time that the option is in effect is know as a Real Eatate Option Contract.

In case of any query/clarification please leave a comment below, it the answer was helpful please leave a thumbs up, thanks!

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Sally enters into an agreement to have Michael, a real estate agent, sell her home for...
Sally enters into an agreement to have Michael, a real estate agent, sell her home for $300,000. Michael gets an offer from a potential buyer for $280,000, but doesn’t bother telling Sally about it because he thinks it is too low. Sally finds out later and she is furious. She wants to know—did Michael do anything wrong?
QUESTION 1 A contract induced by improper threats or undue influence is void. True False 1...
QUESTION 1 A contract induced by improper threats or undue influence is void. True False 1 points    QUESTION 2 A contract made by a person under guardianship is voidable. True False 1 points    QUESTION 3 A contract with a minor remains in force unless the minor decides that he or she does not wish to be bound by it. True False 1 points    QUESTION 4 A person who was intoxicated at the time he made a contract...
i. True or False -Under the UCC, a contract for the sale of goods that includes...
i. True or False -Under the UCC, a contract for the sale of goods that includes open terms is void. T/F -Oral promises of fact made during the bargaining process are not express warranties. T/F -Warranties of title are assumed to exist in UCC transactions. T/F ii. Multiple choice -The requirements of a contract do not include: a. Consideration b. Practicality c. Legality d. Capacity -Defenses against the enforcement of a contract include: a. The lack of a party’s genuine...
QUESTION 1 Which one of the following would NOT be necessary for an offer to have...
QUESTION 1 Which one of the following would NOT be necessary for an offer to have legal standing? A. The language must reflect the intent to become a party to a contract. B. All of the conditions under which the offer would be terminated must be identified. C. All the significant terms and/or conditions must be contained in the offer. D. The offer must be effectively communicated to the other party. 3 points    QUESTION 2 Which one of the...
QUESTION 1 1.Mr. A is walking down a dark street; he hears footsteps behind him and...
QUESTION 1 1.Mr. A is walking down a dark street; he hears footsteps behind him and sees Mr. B. walking in the same direction. Mr. A, who has been diagnosed as Schizophrenic hears a voice telling him to kill Mr. B. believing that Mr. B intends to harm him, and not knowing right from wrong he pulls out a gun and kills Mr. B. who had done nothing to Mr. A. Mr. A’s defense may claim: Insanity Necessity Justification 4...
QUESTION: Why do governments typically take an unsupportive stance on countertrade arrangements? Article Below: The Bell...
QUESTION: Why do governments typically take an unsupportive stance on countertrade arrangements? Article Below: The Bell Boeing V-22 Program, a strategic alliance between Bell Helicopter, a Textron Company, and the Boeing Company,1,2 announced the V-22 Osprey tiltrotor will be featured at the Dubai International Air Show in the United Arab Emirates (UAE) from November 13 to 17, 2011. The Air Show, held biennially, is organized in cooperation with the government of Dubai, the Department of Civil Aviation, and Dubai International...
Please read the article and answear about questions. Determining the Value of the Business After you...
Please read the article and answear about questions. Determining the Value of the Business After you have completed a thorough and exacting investigation, you need to analyze all the infor- mation you have gathered. This is the time to consult with your business, financial, and legal advis- ers to arrive at an estimate of the value of the business. Outside advisers are impartial and are more likely to see the bad things about the business than are you. You should...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT