Ontario Real Estate Salesperson Licensing Exam (OREA Humber)

In Ontario real estate, what is the legal effect of a 'counter-offer'?

It keeps the original offer alive while adding new terms It terminates the original offer and creates a new offer that the other party can accept or reject It automatically extends the irrevocability period It has no legal effect until signed by both parties

Correct Answer:

It terminates the original offer and creates a new offer that the other party can accept or reject

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