Contracts
A contingency in a purchase contract allows the buyer to:
AExtend the listing period indefinitely
BExit the contract without penalty if the condition is not met✓ Correct
CChange the purchase price after acceptance
DAssign the contract to another buyer without consent
Explanation
A contingency is a condition that must be satisfied for the contract to become binding; if the condition fails, the buyer may typically exit without penalty.
Related Indiana Contracts Questions
- An Indiana seller's disclosure form reveals that the property has a history of water intrusion in the basement. A buyer purchases the property and later claims the disclosure was inadequate. The seller's best defense is:
- A bilateral contract in real estate involves:
- What is the purpose of earnest money in a purchase agreement?
- Which element is NOT required for a valid contract?
- In Indiana, an addendum to a real estate contract is:
- The Indiana Residential Real Estate Purchase Agreement typically includes all of the following EXCEPT:
- Indiana's Parol Evidence Rule provides that in a real estate transaction:
- The doctrine of impossibility in Indiana contract law may excuse a party's performance when:
Practice More Indiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Indiana Quiz →