Real Estate

1. Ana wrote an offer on Ivans house; the offer expiring Friday. On Tuesday, Ivan sent Ana a counter offer, which she countered back the same day. Ivan decided to accept the original offer after all, signed it and sent it back Wednesday. Do they have a binding contract? Explain your answer. (2 pts)

2.- Charlie and Glinda agreed on the phone that Glinda could rent his house for $4,000/month for the next 6 months. When Glinda showed up the next day with the movers, Charlie told Glinda that hed rented to someone else. Glinda wants to sue Charlie for the expenses she had to put her belongings in storage and the extra moving costs. Do they have an enforceable contract or not? Why/why not? What is the legal principal that would be used to determine that? Explain your answer in 1-2 sentences (up to 2 pts)

3.- The buyer and seller initialed the liquidated damages clause in the sales contract. Sales price is $800,000. There is a deposit of $10,000 in escrow. How much of that may the seller be entitled to keep?

4-The Smiths made an offer of $650,000 on the Garcias townhome; expiration is Wednesday at noon. The Garcias countered the offer at $675,000 Monday morning; the counter had an expiration time of Tuesday at 9pm. On Monday evening, the Garcias decided they wanted to take the Smiths original offer after all, so they signed the original offer and returned it to their agent. Is this a binding contract? Explain why/why not in 1-2 sentences. (up to 2 points)

5.-What two clauses in the residential purchase contract must be initialed separately by all principals in order to be included as a part of the contract?