Under the TREC contract, the seller is required to provide the buyer with the Seller's Disclosure Notice. If the seller provides this notice after the effective date, the buyer has the right to:
Correct Answer
D) Terminate the contract within 7 days of receiving the notice
Under Texas Property Code §5.008, if the Seller's Disclosure Notice is delivered after the effective date of the contract, the buyer has 7 days from receipt to terminate the contract.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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