In an Oregon residential transaction, buyer Priya submits a purchase and sale agreement with $5,000 earnest money deposited with the seller's brokerage. The contract includes a seller's property disclosure contingency. The seller delivers the disclosure statement to Priya after the contract is signed. Under Oregon's Seller's Property Disclosure Act (ORS 105.462–105.490), how many business days does Priya have to rescind the contract after receiving the disclosure?
Correct Answer
B) 5 business days
Under Oregon’s Seller’s Property Disclosure Act, when the disclosure statement is delivered after the buyer has made an offer and the buyer has not waived the right, the buyer has five business days after delivery to revoke the offer by written notice. Option B is correct.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
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