Unless it is expressly specified that an offer to buy or sell goods must be accepted just as made, the offeree may accept an offer and at the same time propose an additional term. This is contrary to general contract law. Under general contract law, the proposed additional term would be considered a counteroffer and the original offered would be rejected. Under Article 2 of the Uniform Commercial Code, the new term does not reject the original offer. A contract arises on the terms of the original offer, and the new term is a counteroffer. The new term does not become binding until accepted by the original offeror.
The Indiana Notice to Buyer of Acceptance of Additional Terms is a legally binding document used in Indiana real estate transactions to inform the buyer of the acceptance of additional terms agreed upon between the buyer and seller. This notice serves to ensure all parties involved are aware of the agreed-upon terms and conditions that may differ from those outlined in the original purchase agreement. This document serves as an addendum to the initial purchase agreement, acknowledging any modifications or additional provisions that have been agreed upon. By providing this notice, the seller acknowledges their acceptance of the buyer's proposed changes and both parties' agreement to abide by these new terms. The notice includes important details such as the names of the buyer and seller, the property address, and the date of the original purchase agreement. It clearly outlines the specific additional terms that have been agreed upon, ensuring transparency and understanding between both parties. In Indiana, there may be different types of Notice to Buyer of Acceptance of Additional Terms, depending on the nature of the additional terms being accepted. Some common types include: 1. Inspection Contingency Addendum: This addendum is used when the buyer and seller agree to allow additional time for the buyer to conduct property inspections. It outlines the specific conditions and timeframes for these inspections, ensuring that both parties are aware of the additional provisions related to inspections. 2. Financing Addendum: In cases where the buyer requires specific financing arrangements, a financing addendum may be used. This document outlines the agreed-upon terms and conditions related to the buyer's financing, such as the loan amount, interest rate, and closing costs. It ensures that both parties are aware of the additional provisions related to financing options. 3. Repair Addendum: When there are specific repairs or modifications that the buyer requests the seller to complete before closing, a repair addendum may be used. This document outlines the agreed-upon repairs, their cost, and the deadline by which the repairs must be completed. It serves to ensure that both parties are aware of the additional provisions related to repair requests. It is important for all parties involved in an Indiana real estate transaction to carefully review and understand the Indiana Notice to Buyer of Acceptance of Additional Terms. This document ensures that any modifications or additional provisions are properly documented and agreed upon, providing clarity and protection for both buyer and seller.
