Using the AAR Purchase Contract, a buyer has a 10-day inspection period that expires on Friday. The buyer discovers significant plumbing issues and wants to request repairs. The buyer's agent submits the repair request on the following Monday. What is the likely outcome?
Correct Answer
C) The buyer waived their right to request repairs by missing the deadline
The buyer waived their right to request repairs by missing the deadline. AAR contract forms specify strict deadlines for contingency periods, and failure to act within the timeframe constitutes a waiver of that right. Why not A: There is no grace period extension to Monday at 5 PM when the deadline was Friday. Why not C: The seller has no obligation to consider late requests as the contractual right was waived. Why not D: The contract does not become void; the buyer simply waived the inspection contingency.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
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