Oregon broker Lee is advising a buyer client about the standard contingencies available in an Oregon residential purchase and sale agreement. Which of the following is LEAST likely to appear as a standard contingency in an Oregon residential purchase and sale agreement?
Correct Answer
D) Neighborhood approval contingency allowing the buyer to meet and approve adjacent neighbors
A 'neighborhood approval contingency' allowing a buyer to meet and approve adjacent neighbors is not a standard or recognized contingency in Oregon residential purchase and sale agreements. Standard Oregon PSA contingencies address objective, legally recognized conditions such as financing, inspections, appraisal, title, and seller disclosure. Personal approval of neighbors is a subjective, non-standard condition that would be highly unusual and potentially unenforceable as it creates an indefinite subjective standard for performance.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
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