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. If, however, the offer states that it must be accepted exactly as made, the ordinary contract law rules apply.
In a transaction between merchants, the additional term becomes part of the contract if that term does not materially alter the offer and no objection is made to it. However, if such an additional term from the seller operates solely to the sellers advantage, it is a material term and must be accepted by the buyer to be effective.
Title: Understanding the Oregon Notice to Seller of Acceptance of Offer by Proposing Additional Terms Introduction: The Oregon Notice to Seller of Acceptance of Offer by Proposing Additional Terms is an essential document in real estate transactions, specifically when a seller accepts an offer from a buyer but proposes additional terms to be included in the agreement. This comprehensive guide aims to provide a detailed description of this notice, its significance, and any potential variations that may exist. Key Points: 1. Definition and Purpose: The Oregon Notice to Seller of Acceptance of Offer by Proposing Additional Terms serves as a formal communication tool between the buyer and seller in a real estate deal. It allows the seller to express acceptance of the buyer's initial offer while proposing additional terms that should be considered during the negotiation process. 2. Contents and Format: The notice typically consists of the following elements: a. Seller's identification and contact information. b. Buyer's identification and contact information. c. Property details, including its address and legal description. d. Acceptance of the buyer's offer with specific terms. e. Detailed explanation of the additional terms proposed by the seller. f. A timeline for accepting or rejecting the additional terms. 3. Importance: The notice plays a crucial role in ensuring transparency and clarity between both parties, as it outlines the terms and conditions that may differ from the original offer. It assists in initiating negotiations for finalizing the deal and helps prevent misunderstandings or unexpected surprises later in the process. 4. Types of Oregon Notice to Seller of Acceptance of Offer by Proposing Additional Terms: Although variations in the format and terminology used may exist, the priority remains the same — to accept the buyer's offer while presenting additional terms. Common types of variations include: a. Oregon Notice to Seller of Acceptance of Offer by Proposing Amended Price: This version focuses primarily on modifying the offered price. b. Oregon Notice to Seller of Acceptance of Offer by Proposing Amended Closing Date: Here, the seller accepts the offer but proposes changes to the closing date or related timelines. c. Oregon Notice to Seller of Acceptance of Offer by Proposing Amended Contingencies: This variation involves accepting the offer while introducing modifications to the contingencies stated in the initial offer. Conclusion: The Oregon Notice to Seller of Acceptance of Offer by Proposing Additional Terms is a crucial document in real estate transactions. It ensures that both parties are aware of any proposed amendments to the initial offer, facilitating negotiations and finalizing mutually agreeable terms. By understanding its purpose and types, buyers and sellers can navigate the real estate process with confidence and transparency.Title: Understanding the Oregon Notice to Seller of Acceptance of Offer by Proposing Additional Terms Introduction: The Oregon Notice to Seller of Acceptance of Offer by Proposing Additional Terms is an essential document in real estate transactions, specifically when a seller accepts an offer from a buyer but proposes additional terms to be included in the agreement. This comprehensive guide aims to provide a detailed description of this notice, its significance, and any potential variations that may exist. Key Points: 1. Definition and Purpose: The Oregon Notice to Seller of Acceptance of Offer by Proposing Additional Terms serves as a formal communication tool between the buyer and seller in a real estate deal. It allows the seller to express acceptance of the buyer's initial offer while proposing additional terms that should be considered during the negotiation process. 2. Contents and Format: The notice typically consists of the following elements: a. Seller's identification and contact information. b. Buyer's identification and contact information. c. Property details, including its address and legal description. d. Acceptance of the buyer's offer with specific terms. e. Detailed explanation of the additional terms proposed by the seller. f. A timeline for accepting or rejecting the additional terms. 3. Importance: The notice plays a crucial role in ensuring transparency and clarity between both parties, as it outlines the terms and conditions that may differ from the original offer. It assists in initiating negotiations for finalizing the deal and helps prevent misunderstandings or unexpected surprises later in the process. 4. Types of Oregon Notice to Seller of Acceptance of Offer by Proposing Additional Terms: Although variations in the format and terminology used may exist, the priority remains the same — to accept the buyer's offer while presenting additional terms. Common types of variations include: a. Oregon Notice to Seller of Acceptance of Offer by Proposing Amended Price: This version focuses primarily on modifying the offered price. b. Oregon Notice to Seller of Acceptance of Offer by Proposing Amended Closing Date: Here, the seller accepts the offer but proposes changes to the closing date or related timelines. c. Oregon Notice to Seller of Acceptance of Offer by Proposing Amended Contingencies: This variation involves accepting the offer while introducing modifications to the contingencies stated in the initial offer. Conclusion: The Oregon Notice to Seller of Acceptance of Offer by Proposing Additional Terms is a crucial document in real estate transactions. It ensures that both parties are aware of any proposed amendments to the initial offer, facilitating negotiations and finalizing mutually agreeable terms. By understanding its purpose and types, buyers and sellers can navigate the real estate process with confidence and transparency.
