Daniel agrees to purchase Ellen's house in Queens for $475,000. The contract includes an inspection contingency allowing Daniel to terminate within 10 days if he's not satisfied with the property condition. Daniel's inspector finds minor cosmetic issues but no structural problems. Daniel attempts to cancel based on the cosmetic issues. Under New York law, can Daniel terminate the contract?
Correct Answer
A) Yes, if the contingency allows termination for any reason Daniel finds unsatisfactory
The key is the specific language of the contingency clause. If the contract allows Daniel to terminate if he's 'not satisfied' with the property condition, this typically creates a subjective standard that allows the buyer to cancel for any reason related to the property's condition, even minor cosmetic issues.
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