Contracts
A contingency in a purchase agreement benefits primarily the party who:
AHas the most bargaining power
BWill bear the cost of satisfying the contingency
CIs protected by the right to cancel if the contingency is not met✓ Correct
DIs the real estate broker receiving the commission
Explanation
A contingency benefits the party who has the right to cancel the contract if it is not satisfied. A financing contingency benefits the buyer; a sale-of-home contingency benefits the buyer; a home-sale contingency may benefit either party depending on how it is structured.
Related Alaska Contracts Questions
- An Alaska purchase agreement includes an 'as-is' clause. This provision means:
- In Alaska, time is of the essence in a purchase agreement means:
- Under Alaska contract law, an offer to purchase real estate is effectively accepted when:
- A contingency in a purchase agreement allows:
- Rescission of an Alaska real estate contract means:
- In Alaska, an option contract grants the optionee:
- Which contract clause allows a buyer to exit the purchase agreement if they cannot obtain financing on specified terms?
- The legal remedy of 'specific performance' in an Alaska real estate contract means:
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