Unformatted text preview: That the trust document be carefully reviewed to see if the trustee has the authority to bind the trust to the contract. 6. What is an offer? It is a contractual promise to do something. 7. What is a counteroffer? It is a response to an offer by the offeree stating terms of acceptance different from the offer. A counteroffer terminates the original offer and becomes an offer of its own to be accepted or rejected. 8. What may be a consideration? A consideration may be money, something of value, or, in many states, just a recital of the agreement of the parties to buy and sell. 9. What is the amount of money damage? The amount is the difference between the contract price and the market value of the real property at the time and place of default. 10. What is depreciation? It is a tax method that permits a property owner to recover the cost of income-producing property through yearly deductions....
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- Spring '11
- Legal Assistant, Summer Phillips Lex, assistant’s involvement