Question

An offer to purchase contract becomes a binding contract between seller and purchaser: Select one:

a. At the moment the seller has accepted the offer to purchase
b. At the time the purchaser has signed the offer to purchase
c. At the time the purchaser has been notified of the seller's written acceptance of the offer to purchase.
d. At the time the broker accepts the earnest money to deposit.

Answer 1

The offer to purchase contract becomes a binding contract between the seller and purchaser when the seller has accepted the offer to purchase.

Step-by-step explanation:

The correct answer is a. At the moment the seller has accepted the offer to purchase.

In contract law, an offer becomes a binding contract at the moment the seller accepts the offer. This means that once the seller agrees to the terms and conditions of the offer, a contractual agreement is formed between the seller and the purchaser.

For example, if a buyer makes an offer to purchase a house and the seller accepts the offer, a binding contract is created between the two parties. Both the buyer and the seller are now legally obligated to fulfill the terms of the contract.