Contracts
In Minnesota, a purchase agreement contingency must be waived or resolved by:
AClosing date only
BThe specific deadline stated in the contingency provision, failing which the contract may be terminated✓ Correct
CWhen the buyer chooses, regardless of stated deadlines
DThe listing broker's discretion
Explanation
Purchase agreement contingencies in Minnesota must be satisfied, waived, or exercised by the deadlines specified in the contract. Missing a contingency deadline can be a waiver of the contingency (allowing the contract to proceed) or grounds for contract termination, depending on how the contingency is written.
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