Contracts
What is the legal effect of a 'waiver' in an Idaho real estate contract?
AThe contract is cancelled
BA party voluntarily relinquishes a known right, which can affect their ability to enforce that right later✓ Correct
CAll parties must sign the waiver
DA waiver automatically extends all deadlines
Explanation
A waiver is the voluntary relinquishment of a known legal right. In real estate contracts, a buyer who waives an inspection contingency cannot later back out based on the property's condition.
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