A purchase agreement in Tupelo, Mississippi includes a home inspection contingency requiring the buyer to complete an inspection and notify the seller of any objections within 10 days of the agreement's execution. The buyer's inspector finds significant foundation issues on day 8, but the buyer's agent forgets to send the written objection notice to the seller until day 12. The seller refuses to make repairs and claims the contingency has expired. Under Mississippi law, which of the following is most accurate?
Correct Answer
B) The buyer waived the inspection contingency by failing to provide written notice within the 10-day deadline, and the contract proceeds without the contingency
Under Mississippi contract law, contingency deadlines in purchase agreements are binding. The buyer's obligation was not merely to complete the inspection within 10 days, but to provide written notice of objections within that period. By failing to send the written notice until day 12—two days after the deadline—the buyer failed to properly exercise the contingency. The contingency is deemed waived, and the contract proceeds without it. The seller's refusal to negotiate is legally supported.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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.
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