Notice, delivery, and acceptance of contracts (LEARN DESCRIPTION)

Notices Clause

Describes how contract-related notice may be made and when notice is considered to have been received. For example, a purchase or listing contract may permit contract parties to select whether notices may be delivered electronically.

Delivery and acceptance most often comes into play after __________.

a buyer makes an offer and while the contract is still being negotiated

Notice from one party to the other may become necessary during _____________________________.

contract negotiation or with a breach of contract and termination situation

Delivery and acceptance relies heavily on the "time is of the essence" concept. Give an example:

if a buyer submits an offer with an acceptance deadline and the seller fails to respond by that deadline, the offer is technically void; if a seller presents a counter-offer with an acceptance deadline and the buyer fails to respond by that deadline, the counter-offer is technically void.

An offer isn't a contract until it's _________.

signed (accepted by) the seller and delivered (physically or electronically) to the buyer or the buyer's agent

If a seller counter-offers a buyer's offer, the original offer is no longer in effect. What happens to the counter-offer?

the counter-offer becomes a contract if it's signed by the buyer and accepted by the seller