ContractsContingenciesEASY
A contract includes a sale-of-existing-home contingency. The buyer's current home does not sell by the stated date. What typically happens?
Correct Answer
B) The buyer may be required to waive the contingency or the contract may terminate
If the buyer's home does not sell by the stated date, the contingency typically allows the contract to terminate or requires the buyer to proceed without the contingency, depending on the contract terms.
Answer Options
A
The seller must wait indefinitely for the buyer's home to sellB
The buyer may be required to waive the contingency or the contract may terminateC
The buyer's current home automatically transfers to the sellerD
The contingency converts to an appraisal contingencyWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Deep Analysis of This Contracts Question
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Background Knowledge for Contracts
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Real World Application in Contracts
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Common Mistakes to Avoid on Contracts Questions
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Related Topics & Key Terms
Key Terms:
contingenciescontractssale_of_homedeadline
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