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If you offer $500,000 for a person's house and the person responds that they want $500,001, do you have a contract? Can the parties agree,

If you offer $500,000 for a person's house and the person responds that they want $500,001, do you have a contract?

Can the parties agree, in a contract for the purchase and sale of a house, that the price for the house will be the market value of comparable houses on the day of closing?

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