During the attorney review period for a residential contract in Passaic County, New Jersey, the buyer's attorney sends a disapproval letter on the last day of the review period. The seller's attorney argues that the letter was sent after business hours and should not be considered timely. Under New Jersey attorney review period rules, which statement is most accurate?
Correct Answer
B) The disapproval letter is timely if it was sent by certified mail, fax, or attorney-to-attorney delivery before midnight on the last business day of the review period
Under New Jersey's attorney review period rules as established by the New Jersey Bar Association and NJAR joint policy, the disapproval or modification letter must be sent — not necessarily received — by the expiration of the review period. The accepted methods of delivery include certified mail, telegram, fax, or hand delivery. As long as the letter is sent by the appropriate method before midnight on the last business day of the review period, it is considered timely. The time of receipt does not control the timeliness of the communication.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
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