Contracts
A contingency clause in a Mississippi real estate purchase agreement:
AAutomatically extends the closing date by 30 days
BMakes the contract binding only if a specific condition is met✓ Correct
CAllows either party to cancel without cause
DRequires the seller to pay all closing costs
Explanation
A contingency makes the contract conditional on a specific event occurring, such as the buyer obtaining financing, the property appraising at a certain value, or satisfactory inspection results.
Related Mississippi Contracts Questions
- In Mississippi, specific performance is a remedy for breach of a real estate contract that:
- A contract is said to be 'executory' when:
- The term 'merger doctrine' in Mississippi real estate means that:
- An addendum to a Mississippi purchase agreement:
- A Mississippi real estate contract contains a 'liquidated damages' clause stating the seller may keep the earnest money if the buyer defaults. This clause is enforceable when:
- A Mississippi seller includes a personal property item (dining room table) in the sale by listing it in the purchase contract. This is called a:
- A Mississippi buyer makes an offer to purchase, which the seller accepts. The next day, before any exchange of signatures, the buyer calls to revoke the offer. The revocation is effective because:
- If a Mississippi real estate contract contains an integration clause, it means:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →