Contracts
A Connecticut property under contract has a clause stating 'the buyer may extend the closing date by 15 days upon written notice.' This is called a(n):
AInspection contingency
BExtension clause✓ Correct
CEscalation clause
DRight of first refusal
Explanation
An extension clause gives one or both parties the right to extend the closing date by a specified period upon proper notice, providing flexibility for financing delays or other circumstances.
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