Marcus and his wife are purchasing a condominium unit in Ann Arbor from a developer. They sign a purchase agreement and the developer provides them with the complete Condominium Disclosure Package, including the master deed, bylaws, and budget. Marcus wants to know how long they have to cancel the agreement without penalty. Under the Michigan Condominium Act, what is the correct rescission period?
Correct Answer
C) 9 business days after receiving the Condominium Disclosure Package
Under the Michigan Condominium Act (MCL 559.183), a buyer of a condominium unit from a developer has 9 business days after receiving the complete Condominium Disclosure Package to rescind the purchase agreement. This right is specific to new condominium sales from developers and is distinct from other rescission rights under Michigan law.
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Related Topics & Key Terms
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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.
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