Contracts
A Michigan real estate purchase agreement is considered 'executed' when:
AThe seller signs the agreement
BAll parties have signed and all terms have been fully performed✓ Correct
CThe buyer submits their earnest money
DThe title search is complete
Explanation
An executed contract is one in which all parties have signed AND all obligations under the contract have been fully performed (e.g., at closing). A contract that is signed but not yet performed is executory.
Related Michigan Contracts Questions
- A Michigan purchase agreement contains a 'save harmless' (hold harmless) clause. This clause typically protects the:
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- A Michigan purchase agreement becomes a binding contract when:
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