"*A written outline of the scope of the real estate transaction may be signed by all the parties to the transaction. The binder does not generally contain all of the essential elements of a valid contract. It delineates a framework for the contract. It may set up a time period during which the contract must be written and signed. It is submitted to an attorney who draws an offer to purchase contract based on the terms and conditions and other essential elements in the contract. Which of the following statements accurately describes the role of a binder in a real estate transaction?
A) A binder is a complete and legally binding contract that includes all essential elements.
B) A binder outlines the entire scope of the real estate transaction and is a fully enforceable contract.
C) A binder is a framework for the contract, and it is not a complete contract with all essential elements.
D) A binder is submitted to an attorney who finalizes the transaction without drawing up any additional documents.
