Contracts
A contingency in a purchase agreement allows:
AThe seller to accept backup offers
BA party to withdraw from the contract if specified conditions are not met✓ Correct
CThe broker to modify commission after signing
DThe buyer to extend closing indefinitely
Explanation
A contingency is a condition that must be satisfied for the contract to become binding or for a party to proceed. If the condition is not met, the contingent party may withdraw without penalty.
Related Alaska Contracts Questions
- What is the legal effect when a buyer and seller sign a purchase agreement?
- In Alaska, 'parol evidence' in a contract dispute refers to:
- In Alaska, a lease for more than one year that has not been reduced to writing is:
- A listing agreement is an employment contract between a:
- An Alaska builder/developer who sells new homes from a model home may NOT be required to provide a seller's disclosure statement because:
- Under Alaska law, a buyer who defaults on a purchase agreement may face which remedies from the seller?
- In Alaska, a 'title contingency' in a purchase agreement allows the buyer to cancel if:
- An Alaska seller fails to disclose a material defect in a property. After closing, the buyer discovers the defect and sues. The buyer's cause of action is MOST LIKELY:
Practice More Alaska Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →