What is 'waiver' in the context of Delaware real estate contracts?
Why The voluntary relinquishment of a known contractual right, which may occur expressly or by conduct inconsistent with asserting the right Is Correct
Answer B: The voluntary relinquishment of a known contractual right, which may occur expressly or by conduct inconsistent with asserting the right
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.
Key Contracts Terms in This Question
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Key Terms to Know
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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