Contracts
A Florida contract provision that relieves a party from obligations due to circumstances beyond their control (hurricane, flood) is called a:
AContingency clause
BForce majeure clause✓ Correct
CEscape clause
DSubordination clause
Explanation
A force majeure clause (also called an 'Act of God' clause) relieves parties from contractual obligations when extraordinary events beyond their control (natural disasters, government actions) prevent performance. This is particularly relevant in Florida due to hurricane risk.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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