Tennessee Real Estate Exam Practice Question
A seller counters a buyer's offer. Is there a contract?
Correct Answer: C
Rationale: In this scenario, a counteroffer from the seller indicates that they are not accepting the buyer's original offer. Therefore, no contract exists until the buyer accepts the counteroffer.
Option A is incorrect as both parties must agree to the same terms for a contract to be formed. Option B misinterprets the situation; the buyer's offer alone does not create a contract without acceptance from the seller. Option D incorrectly states that obligations must be in writing and notarized; while this may apply to certain contracts, it is not a universal requirement for all agreements.
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