ContractsIntermediateDelaware Exam
What does 'as-is' mean in a Delaware real estate purchase contract?
AThe seller is not required to disclose any defects
BThe buyer accepts the property in its current condition, but the seller must still disclose known material defectsCorrect
CThe seller guarantees the property is in good condition
DThe buyer may demand repairs after inspection
Why The buyer accepts the property in its current condition, but the seller must still disclose known material defects Is Correct
Answer B: The buyer accepts the property in its current condition, but the seller must still disclose known material defects
An 'as-is' clause means the buyer accepts the property in its current condition. However, in Delaware, the seller must still disclose known material defects under the Seller Disclosure of Real Property Condition Act.
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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