Ontario Real Estate Licensing Exam Practice · Question
Maria submits an Offer to Purchase a condo in Mississauga for $650,000 to John, the seller, with an irrevocable period until 8:00 PM tonight. John reviews the offer and decides to change the closing date by two weeks and initial it. What has John done by making this alteration?
Any change to the terms of an offer, no matter how minor, constitutes a rejection of the original offer and the creation of a new offer, known as a counter-offe
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Question: Maria submits an Offer to Purchase a condo in Mississauga for $650,000 to John, the seller, with an irrevocable period until 8:00 PM tonight. John reviews the offer and decides to change the closing date by two weeks and initial it. What has John done by making this alteration?
Answer options:
- Accepted Maria's offer ✅ Submitted a counter-offer to Maria
- Created a binding agreement of purchase and sale
- Waived his right to further negotiations
Correct answer: Submitted a counter-offer to Maria
Explanation: Any change to the terms of an offer, no matter how minor, constitutes a rejection of the original offer and the creation of a new offer, known as a counter-offer, under contract law.
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