Three multifunctional epoxy resins novolac epoxy (EPN), triglycidyl paraaminophenol (TGPAP), and tetraglycidyl diaminodiphenylmethane (TGDDM) were modified with a carboxy-terminated acrylate-based liquid elastomer (PnBA). The effect of prereaction of the epoxy groups in the resin and carboxyl group in the elastomer on curing parameters, such as the cure reaction conversions; processing parameters, such as gel times and vetrification times; initial cure temperatures, and activation energy values were evaluated. Fourier transform infrared spectrometry (FTIR), dynamic mechanical spectrometry (DMS), and differential scanning calorimetry (DSC) were used for the study. The results indicated that while the cure reactions were slightly retarded in the presence of elastomer, they were slightly accelerated when certain prereaction catalysts were used. The gel times and vitrification times decreased due to the prereaction. The physical properties such as fracture toughness and modulus of neat resin castings and flexural strength properties of carbon cloth-reinforced laminates were evaluated. Results indicated that the toughness property increased and the modulus decreased with elastomer addition.