A buyer sends a notice of title objection to the seller on Day 5 of the title objection period. The seller receives the notice on Day 7. The objection period is 7 days from receipt of the title commitment. If the buyer received the commitment on Day 1 of the contract, is the objection timely?
Correct Answer
A) The timeliness depends on whether the contract measures the deadline from sending or delivery of the notice
Whether the notice is timely depends on the contract's notice provisions. If the contract treats sending as effective delivery (as with certain electronic methods), the notice sent on Day 5 is timely. If delivery means receipt, the notice received on Day 7 would be the deadline day.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
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