NCh4 Sales Contract

Question 1

A properly completed form with a price less than, equal to or more than sellers, asking price and sign by the buyer is called

Answer 1

An offer

Question 2

A rejection of the offer, and the presentation of a new offer is called

Answer 2

A counter offer

Question 3

The liquidated damages, if the buyer defaults is the

Answer 3

Earnest money

Question 4

A condition in a contract, which has not been met is called

Answer 4

A contingency

Question 5

If a contingency cannot be met, the contract is

Answer 5

Terminated

Question 6

If the parties agree to cancel, or a contingency cannot be met the cancellation or mutual recission should be done by

Answer 6

Written agreement