y Texas Real Estate Law Regulations Case Study 2-Scenario: Sally, a new salesperson, is explaining the requirements of the purchase contract to her buyers. As she reviews the documents, she explains that all contracts require competent parties, which means the seller or grantor must be competent, but the buyers only need to be identified. The offer must also have a \"meeting of the minds" or mutual agreement. She tells the buyers that this means the seller may counter the offer by changing any items he or she go_e_srl't like in the offer while keeping the original offer alive. Sally explains that there must be a consideration, which is the earnest money the buyer pays the seller, and the seller keeps it unless the buyer closes the transaction. Sally also tells the buyers that the contingency deadlines are suggestions for when items have to be completed, but most of the time, as_lgr19_a_s the terms are met within a week of the date, there are no issues. Case Study 2 Scenario questions: 1. Sally seemstqlle confusing the essential elements of a contract with what other real estate document? 2. Is the agent correct about the competent parties in a contract? If not, what is correct? 3. Is it true that the counter proposal keeps the original offer alive