Contracts
A contingency in a purchase contract allows a party to:
AChange the purchase price after acceptance
BExit the contract without penalty if a specified condition is not met✓ Correct
CWaive the appraisal requirement
DTransfer the contract to another buyer
Explanation
A contingency is a condition that must be satisfied for the contract to become binding. If the condition is not met, the party protected by the contingency can typically terminate the contract without forfeiting earnest money.
Related Mississippi Contracts Questions
- A Mississippi real estate contract is signed under duress. The effect on the contract is that it is:
- A voidable contract in Mississippi is one that:
- An addendum to a Mississippi purchase agreement:
- A buyer submits an offer with an earnest money deposit. The seller makes a counteroffer. The original offer is:
- A Mississippi buyer's inspection contingency allows the buyer to:
- Mississippi law generally requires that a real estate lease for more than one year be:
- A contingency clause in a Mississippi real estate purchase agreement:
- A Mississippi seller accepts a buyer's offer but insists on a different closing date. Under contract law, this is a:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →