Level 7: Additional Contract Considerations

Question 1

Counteroffers

Answer 1

slightest alteration to an offer, including things like financing contingencies, do not constitute acceptance of the current offer

Question 2

Offer Termination: Acceptance

Answer 2

replacing the offer with a contract

Question 3

Offer Termination: Counteroffer

Answer 3

rejecting the offer and replacing it with a new offer

Question 4

Offer Termination: Rejection

Answer 4

rejecting the offer without a new offer being made

Question 5

Offer Termination: Expiration

Answer 5

allowing the passage of a stated expiration date or a reasonable time

Question 6

Offer Termination: Revocation

Answer 6

withdrawing the offer before acceptance has been communicated

Question 7

Offer Termination: Death or Mental Incapacity

Answer 7

the death or mental incapacity of either party before acceptance

Question 8

Offer Termination: Destruction

Answer 8

the destruction of the subject property of an offer

Question 9

Offer Termination: Improper Acceptance

Answer 9

failing to comply with stipulated manner of acceptance as laid out in the offer

Question 10

Offer Revocation

Answer 10

once the offeror has been notified of an offer’s acceptance, the right to revoke the offer has passed.

Question 11

Contract Conditions: Condition

Answer 11

any action, deed, or event — excluding the passing of a deadline — that affects a party’s duty to perform

Question 12

Contract Conditions: Condition Precedent

Answer 12

an action, deed, or event that must come about prior to the duty to perform

Question 13

Contract Conditions: Condition Concurrent

Answer 13

one condition must occur simultaneously with another

Question 14

Contract Conditions: Condition Subsequent

Answer 14

an action, deed, or event that brings about an end to something else

Question 15

Condition Classifications: Express Condition

Answer 15

explicitly stated condition in the contract that must occur in order to trigger a duty to perform

Question 16

Condition Classifications: Express Condition

Answer 16

not explicitly stated in the contract but presumed by law to be part of the agreement

Question 17

Condition Classifications: Constructive Condition

Answer 17

imposed by the courts to further the interests of justice in a contract

Question 18

Addendum

Answer 18

introduction of new information

Question 19

Amendment

Answer 19

the change of existing information