New Jersey residential purchase contracts commonly include several types of contingencies that protect one or both parties. Which of the following is NOT a contingency typically found in a standard New Jersey residential purchase contract?
Correct Answer
C) A zoning change contingency requiring the municipality to rezone the property before closing
A zoning change contingency — requiring a municipality to rezone a property as a condition of closing — is not a standard contingency found in typical New Jersey residential purchase contracts. While such a contingency could theoretically be negotiated in a commercial transaction, it is not a common feature of residential contracts. Municipalities control zoning independently, and making a standard residential sale contingent on a zoning change would be highly unusual and impractical.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
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.
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