A New York purchase contract specifies a closing date of June 15th. On June 10th, the seller's attorney notifies the buyer that the seller needs an additional 10 days to resolve a title issue. The buyer's attorney agrees verbally but requests written confirmation. What is the legal status of this modification?
Correct Answer
C) The modification is not enforceable until confirmed in writing by both parties
Under New York law, modifications to real estate contracts must be in writing to be enforceable. While the attorneys may have reached a verbal understanding, the modification is not legally binding until both parties sign a written amendment to the contract.
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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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