In Ontario, what is the significance of the 'irrevocable' period in an Agreement of Purchase and Sale?
Correct Answer
B) It is the period during which the offer cannot be withdrawn by the buyer
The irrevocable clause makes the buyer's offer irrevocable until the stated date and time, so the buyer cannot withdraw it while the seller considers it. If the seller has not accepted by then, the offer becomes null and void, so the same deadline is also the last moment the seller can accept.
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