Contracts
In Hawaii, which condition would make a real estate contract 'unconscionable' and potentially voidable?
AA. The contract is written in standard legal language
BB. Extremely one-sided terms imposed on a party with much less bargaining power through pressure or deception✓ Correct
CC. A contract that fails to specify the closing date precisely
DD. A contract that doesn't include a home inspection contingency
Explanation
Unconscionability occurs when contract terms are oppressively one-sided, resulting from unequal bargaining power combined with unfair surprise or deception, making enforcement unjust.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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.
Math Concepts
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