Contracts
In Hawaii, what happens to a contingency in a purchase contract when the condition is 'waived' by the buyer?
AA. The contract becomes voidable at the seller's option
BB. The buyer gives up their right to cancel based on that contingency and agrees to proceed with the transaction✓ Correct
CC. The seller must reduce the purchase price to compensate
DD. The lender is notified to modify the loan terms
Explanation
When a buyer waives a contingency, they voluntarily give up their right to cancel based on that contingency, agreeing to proceed regardless of the outcome of that condition.
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