Question & Explain Why
Buyer Jim signs a purchase contract at the asking price with no contingencies and the 30-day closing date as specified by the seller. Seller Tom changes the contract closing date of 40 days and signed the contract. This contract, in its present form, is:
A – Valid with the 30-day closing date, since Buyer Jim met all the terms as originally specified by the seller
B – Valid with the 40-day closing date, since a 10-day extension is not considered material to the contract
C – Invalid since the signed documents do not yet indicated mutually agreed-upon terms
D – Enforceable, since the seller has provided a valid counter-offer
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