What is reasonable time in real estate?

Most real estate agents and attorneys believe that a “reasonable time” or the “on or about” standard means 30 days.

What is considered a reasonable timeframe?

Reasonable time is that amount of time which is fairly necessary, conveniently, to do whatever is required to be done, as soon as circumstances permit.

What is a commercially reasonable period of time?

Commercially Reasonable Period of Time means at least twelve months for a willing buyer and a willing seller to agree on price and terms, plus the time necessary to complete the sale.

What does reasonable mean in a contract?

According to Black’s Law Dictionary, the term “reasonable” is defined as “fair, proper or moderate under the circumstances.” … Reasonable notice: Where no provision for terminating the contract has been given, the courts have concluded that a contract could be terminated on reasonable notice.

What is the reasonable time to accept a proposal?

Ans: The proposal must be accepted within the time limit given by the offeror. If no such time limit is prescribed then it must be accepted within a reasonable time or before the offer lapses. Now a reasonable time has no definition in law, it will depend entirely on the situation, circumstances, and the usual norms.

IT IS IMPORTANT:  What happens when a realtor has two clients that want the same house?

What is the reasonable estimate?

In math, reasonableness can be defined as checking to verify that the result of the solution or the calculation of the problem is correct or not, be either estimating or by plugging in your result to check it. … A reasonable estimate does not exceed the original numbers in a problem.

What does reasonable mean legally?

Just, rational, appropriate, ordinary, or usual in the circumstances. It may refer to reasonable care, cause, compensation, doubt (in a criminal trial), and a host of other actions or activities. … “Reasonable” is also frequently used for tax purposes.

How is reasonableness established?

All members of the community owe a duty to act as a reasonable person in undertaking or avoiding actions with the risk to harm others. If an individual fails to act as a reasonable person and their failure injures someone, they may be liable to that person for such injuries.

What are the legal rules of offer?

The element of a valid offer

  • There must be two parties.
  • Every proposal must be communicated.
  • It must create Legal Relations.
  • It must be Certain and definite.
  • It may be specific or general.
  • Express Offer.
  • Implied Offer.
  • General Offer.

How an offer is accepted?

An acceptance is “a manifestation of assent to the terms [of the offer] made by the offeree in the manner invited or required by the offer.” In determining if an offeree accepted an offer and created a contract, a court will look for evidence of three factors: (1) the offeree intended to enter the contract, (2) the …

IT IS IMPORTANT:  How much do co real estate agents make?

What is valid acceptance?

Acceptance must be absolute and unconditional

In simple words, to constitute a valid contract, the acceptance of the offer is being given without making any conditions. To convert an offer into a promise, the acceptance must be absolute, unqualified and unconditional. Look at the example to understand in a better way.