Offer and Acceptance (Mutual Assent)
The matching offer and acceptance that create the mutual assent, or meeting of the minds, required for a contract.
Quick flashcard
What does Offer and Acceptance (Mutual Assent) mean on the Texas real estate exam?
Answer: The matching offer and acceptance that create the mutual assent, or meeting of the minds, required for a contract.
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Offer and Acceptance (Mutual Assent) definition
Offer and acceptance is how parties reach mutual assent, sometimes called a meeting of the minds. One party makes an offer, and the other accepts its exact terms. A change to the terms is a counteroffer, not an acceptance.
A counteroffer terminates the original offer. The party who made the first offer is then free to accept or reject the counteroffer.
Source basis
Definition checked against the official sources below on .
On the exam
Exam trap
Tested in
Contracts & Agency (16 of 80 National)
From definition to recall
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