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?
Correct Answer
A) A subjective condition precedent
This is classified as a subjective condition precedent because it depends entirely on the personal satisfaction or approval of the buyer's spouse, with no objective standards for evaluation. The spouse's approval is based on personal preference rather than objective criteria.
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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?
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