Under the TREC contract, the parties execute an amendment extending the closing date. The amendment also states 'all other terms remain unchanged.' This language means:
Correct Answer
A) All terms of the original contract and any previous amendments remain in effect except as modified by this amendment
The standard 'all other terms remain unchanged' language means that only the specifically modified terms are changed. All other provisions of the original contract and any previous amendments continue in full force and effect.
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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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Under the TREC contract, a TREC Amendment is effective when:
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