Is the deal dead if one party doesn’t accept an amendment?
12/10/2014 | Author: Editorial Staff
After my buyer completed his inspection, he sent the seller an amendment to ask for several repairs. The seller responded with his own amendment that stated he would complete one of the requested repairs and that the contract would terminate if the buyer didn’t sign the amendment within 24 hours. Can the seller terminate the contract if the buyer doesn’t accept the amendment?
No. Even though a buyer or seller can propose an amendment to the contract at any time, merely proposing an amendment to a contract does not give either party a unilateral right to terminate an existing contract. The contract is only changed after the parties sign the amendment signifying their agreement. Without a fully executed amendment, the original contract remains in effect as written.
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