Contracts
In Maine, a 'release' signed by a party waiving a contingency in a purchase agreement is:
ANot binding without the other party's consent
BBinding on the party who signed it and removes that contingency from the agreement✓ Correct
CRequires MREC approval
DOnly effective if notarized
Explanation
A written waiver of a contingency by the party who holds the right is binding. Once a buyer waives an inspection contingency in writing, they generally cannot later use the inspection results as a basis for cancellation.
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