Contracts
In Maine, a 'force majeure' clause in a commercial lease protects parties from:
AChanges in interest rates
BPerformance failures caused by extraordinary events beyond their control (floods, pandemics, etc.)✓ Correct
CA decrease in property value
DTenant default due to business failure
Explanation
A force majeure clause excuses a party's non-performance when that failure is caused by extraordinary events or circumstances beyond their control, such as natural disasters, wars, or pandemics.
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Key Terms to Know
Earnest Money
A 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.
Purchase AgreementA 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.
Math Concepts
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