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Backup Offer
Definition
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| an Offer to buy, submitted to a seller, with the understanding that the seller has already accepted a prior Offer; a secondary Offer. sometimes the seller accepts the backup Offer contingent on the failure of the sales transaction on the part of the first purchaser within a specified period of time. the seller must be careful how he or she proceeds, however, when the time for the buyer's performance, under the first contract, has expired.
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