A New York purchase contract specifies that the buyer will provide 'good faith deposit' but does not specify the amount. What is the legal effect of this provision?
Correct Answer
C) The court will determine a reasonable deposit amount if a dispute arises
When a contract specifies a 'good faith deposit' without stating the amount, New York courts will typically determine what constitutes a reasonable deposit based on the circumstances of the transaction, local custom, and the purchase price.
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Under New York law, all of the following contract provisions would likely be enforceable EXCEPT:
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In a New York residential purchase contract, the buyer includes a provision stating 'This offer is contingent upon buyer's spouse approving the property within 7 days.' The seller accepts this offer. What type of contingency is this?