Contracts
A Michigan purchase agreement contingent on the buyer's financing means:
AThe buyer must obtain financing at any interest rate available
BThe contract can be voided if the buyer cannot obtain financing meeting specified terms✓ Correct
CThe seller must help the buyer obtain a loan
DClosing is delayed indefinitely until financing is secured
Explanation
A financing contingency protects the buyer by allowing them to exit the contract if they cannot obtain financing meeting the terms specified in the contingency clause.
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