North Carolina Firm Offer for Sales Agreement with Specification of Manner of Acceptance

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Description

The Uniform Commercial Code (UCC) has been adopted in whole or in part by the legislatures of all 50 states. In most instances, the UCC treats all buyers and sellers alike. In some cases, it treats merchants differently than it does the occasional or casual buyer or seller. The UCC recognizes that the merchant is experienced and has a special knowledge of the relevant commercial practices.


Contract law as to offers is applicable to a sales contract, with the following exception. A firm offer by a merchant cannot be revoked if the offer:


" expresses an intention that it will not be revoked,

" is in a writing, and

" is signed by the merchant.


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.

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FAQ

Hear this out loud PauseAll contracts to sell or convey any lands, tenements or hereditaments, or any interest in or concerning them, and all leases and contracts for leasing land for the purpose of digging for gold or other minerals, or for mining generally, of whatever duration; and all other leases and contracts for leasing lands exceeding ...

While all offers must be presented, even if there is a contract pending, there is nothing in Rule . 0106(a) (or anywhere else in the Rules) that obligates brokers, or their clients, to respond to any offers received within any particular time frame.

Rules of acceptance. An acceptance must be an absolute and unqualified acceptance of all the terms of the offer: Sec. 7(1). If there is any variation, even on an unimportant point, between the offer and the terms of its acceptance, there is no contract.

Hear this out loud PauseFor contract formation, the offer and acceptance are essential terms. The offer and acceptance form the agreement between the parties. The offer must be communicated, it must be complete and the offer must be accepted in its exact terms. Mutuality of agreement is a must.

The most common residential offer form in North Carolina is the ?Offer to Purchase and Contract? (Form No. 2-T), jointly approved by the N.C. Bar Association and NC REALTORS®. Many standard ?addenda? forms also are available to add provisions of special importance to the parties.

A: To be enforceable, real estate sales contracts in North Carolina must be in writing. Since only written offers may become binding contracts, your offer should be in writing and signed.

Hear this out loud PauseAll offers and counteroffers are to be in writing under the of Frauds. 10. Oral contracts are legal but not in a court of law. withdraw such offer to purchase at any time before acceptance by the seller in the designated manner or within the designated time period.

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North Carolina Firm Offer for Sales Agreement with Specification of Manner of Acceptance