The seller receives a buyer's termination notice on Day 10 of a 10-day option period. The notice was sent by email at 10:00 PM on Day 10 but the seller did not read it until Day 11 at 8:00 AM. Under the contract:
Correct Answer
B) The termination is valid if email delivery to the specified address constitutes delivery under the contract, regardless of when the seller reads it
Under the contract's notice provisions, delivery to the specified address using an accepted method constitutes effective notice. The seller's actual reading of the notice is not the determining factor—delivery to the specified address is.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
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.
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