David signs a purchase contract for a New York property on Monday. His attorney reviews the contract on Wednesday and finds several objectionable terms. The contract includes a 3-business-day attorney approval contingency. When is the latest David's attorney can disapprove the contract?
Correct Answer
A) Thursday, which is the third business day after signing
In New York, business days exclude weekends and holidays. Counting from Monday (day of signing): Tuesday is day 1, Wednesday is day 2, and Thursday is day 3. The attorney must communicate disapproval by the end of Thursday to satisfy the 3-business-day requirement.
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