Contracts
A Connecticut purchase agreement specifies an inspection contingency period of 10 days. After 10 days, the buyer does not respond. This means:
AThe contingency is automatically waived and the contract proceeds✓ Correct
BThe contract is automatically terminated
CThe seller may cancel the contract
DThe inspection period is automatically extended by 10 days
Explanation
If the contract provides that a contingency is waived if the buyer does not respond within the specified period, failure to respond within the deadline typically results in the contingency being automatically waived.
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