Alabama Real Estate Practice Exam

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What becomes a contract when an offer is accepted and notified?

A counteroffer
A wish list
An offer or counteroffer
A bid

The correct answer is: An offer or counteroffer

When an offer is accepted and notified, it becomes a contract between the parties involved. An offer is a proposal made by one party to enter into a contract with another party. A counteroffer is a response to an offer that proposes different terms, which would not constitute a binding contract until accepted by the original party. A wish list is a list of desired items or actions, not a legally binding agreement. A bid is an offer to perform a job or service for a specific price, which would not become a contract until both parties agree to the terms. Therefore, the correct answer is C an offer or counteroffer.