David and Lisa are under contract to purchase a home in Springfield, Missouri. The purchase agreement contains an inspection contingency allowing David and Lisa to terminate within 10 days of the effective date if the inspection reveals unsatisfactory conditions. On day 9, the inspector finds significant foundation issues. David and Lisa want to negotiate repairs rather than terminate. Which action best protects their contractual rights under Missouri law?
Correct Answer
B) Submit a written amendment requesting repairs before the 10-day deadline expires
Under Missouri contract law and standard practice, contractual deadlines are strictly enforced. To preserve their negotiating position without losing their right to terminate, David and Lisa should submit a written amendment (repair request or inspection response) before the 10-day deadline expires. A written amendment request keeps the parties in active negotiation and documents their timely response within the contingency period.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
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.
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