Contracts
In Minnesota, a 'backup offer' on a property under contract is typically structured as:
AA completely separate transaction unrelated to the first contract
BAn accepted offer contingent on the failure of the primary contract, with a specified time to become effective✓ Correct
CAn offer that supersedes the primary contract automatically
DAn offer that is submitted but not reviewed by the seller
Explanation
A backup offer in Minnesota is accepted by the seller but remains secondary to the primary contract. It typically includes a contingency that the primary contract must fail within a specified period for the backup to become effective. The backup buyer is on standby and may have the right to withdraw if the wait is too long.
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