Under Arizona law, all of the following can be grounds for contract termination EXCEPT:
Correct Answer
D) Buyer's change of mind without cause
Correct: D - Buyer's change of mind without cause. A buyer's simple change of mind without legal cause or contingency protection does not provide grounds for lawful contract termination and may result in breach. Why not A: This option is incorrect because "Mutual agreement of both parties" does not match the rule tested by the question. The correct answer is "Buyer's change of mind without cause". A buyer's simple change of mind without legal cause or contingency protection does not provide grounds for lawful contract termination and may result in breach. Why not B: This option is incorrect because "Failure of a contingency condition" does not match the rule tested by the question. The correct answer is "Buyer's change of mind without cause". A buyer's simple change of mind without legal cause or contingency protection does not provide grounds for lawful contract termination and may result in breach. Why not C: This option is incorrect because "Material breach by one party" does not match the rule tested by the question. The correct answer is "Buyer's change of mind without cause". A buyer's simple change of mind without legal cause or contingency protection does not provide grounds for lawful contract termination and may result in breach.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
More Az Contracts Questions
In a Scottsdale transaction review, a party asks whether contract cancellation always excludes every other possible remedy under Arizona law. Which statement should the broker communicate?
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What is the purpose of the AAR Buyer's Inspection Notice and Seller's Response form?
Under the current AAR Buyer Advisory, during an Arizona file audit in Yavapai County, a buyer assumes the Arizona Buyer Advisory is a guarantee that every due-diligence issue has already been verified by the broker. What should the parties assume under current Arizona rules?
- → In a Goodyear transaction review, a salesperson wonders whether all issues belong inside the core purchase contract body even when a specialized addendum exists. What is the best answer under current Arizona law or current Arizona form practice?
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