Level 8: Offers, Counteroffers, and Multiple Offers Flashcards
Offeree
person to whom the offer is made
Offeror
person who makes the offer
Offer
a proposition made by an offeror to an offeree to agree to the terms of a binding contract
Offer & Acceptance
the mutual understanding and agreement of the parties of a contract to that contract’s terms
Performance (of the contract)
the fulfillment of promises made in the contract
Four Responses to an offer
total acceptance, counteroffer, no response, or rejection
Acceptance
needs to be unconditional, unambiguous, and not change any part of the offer
Offeror’s reception of notice of acceptance is often called
delivery
Revocation
the termination of an agreement by the person who granted it, such as when a principal terminates an agency relationship or withdraws an offer
Binders
a preliminary agreement for the sale of a property secured by a valuable deposit from the potential buyer
From Offer to Contract Visual Aid
Counteroffer
a contract proposal submitted in response to a previous offer, modifying the terms of the original offer
Executory Contract
an offer or counteroffer becomes a contract
Back-Up Contract
contract that can serve as Plan B if the original contract falls through for some reason
Net Sheet
gives your client a good estimate of what they can expect to walk away with after all closing costs are considered
Net Sheet to Seller Visual Aid
Multiple Offer Seller Visual Aid
Net Sheet to Buyer Visual Aid
Multiple Offer Buyer Visual Aid
