Contracts
In Maine, a contract that is 'unconscionable' may be:
AEnforceable in full
BRefused enforcement by a court if its terms are grossly unfair or oppressive✓ Correct
CValid only if both parties had attorneys
DOnly challengeable within 30 days
Explanation
Courts may refuse to enforce an unconscionable contract — one where the terms are so grossly unfair or oppressive that no reasonable person would agree to them under normal circumstances. This doctrine protects against extreme one-sidedness.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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