ContractsIntermediateDelaware Exam
A Delaware buyer and seller enter a contract 'subject to attorney review.' During this period, the attorneys may:
AOnly review the contract, not modify it
BReview, approve, modify, or disapprove the contract within the specified time periodCorrect
COnly negotiate the purchase price
DExtend the attorney review period indefinitely
Why Review, approve, modify, or disapprove the contract within the specified time period Is Correct
Answer B: Review, approve, modify, or disapprove the contract within the specified time period
An attorney review period allows either party's attorney to review and, if not satisfied, to modify or disapprove the contract within a specified time. If neither attorney acts, the contract becomes binding.
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
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