Maria and Tom signed a residential purchase contract on a Monday. Under New Jersey's attorney review provision, what is the last day on which either party's attorney may disapprove the contract?
Correct Answer
B) Thursday of the same week
New Jersey's attorney review period is three business days. Counting from Monday (the signing date is not counted as day one; the next business day — Tuesday — is day one): Tuesday is day one, Wednesday is day two, and Thursday is day three. Therefore, the attorney review period expires at the end of Thursday, making Thursday the last day either attorney may disapprove or modify the contract. Saturdays, Sundays, and legal holidays are not counted as business days.
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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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