New Jersey Real Estate Exam Practice Question
What is required to establish mutual assent?
Correct Answer: A
Rationale: To establish mutual assent, a "meeting of the minds" is essential, as it signifies that both parties have a shared understanding and agreement on the terms of the contract.
Option B, rejection of an offer, disrupts mutual assent since it indicates that one party does not agree to the terms.
Option C, offer and counteroffer, may lead to negotiations but does not guarantee mutual assent until both parties agree on the final terms.
Option D, an offer that meets the listing price, does not ensure mutual assent, as acceptance requires more than just price agreement; it necessitates a full understanding of all terms involved.
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