Contracts
A Mississippi real estate contract contains a 'force majeure' clause. This clause would excuse performance if:
AOne party changes their mind
BAn unforeseeable event beyond the parties' control (natural disaster, government action) makes performance impossible or impracticable✓ Correct
CInterest rates rise unexpectedly
DThe property fails appraisal
Explanation
A force majeure (act of God) clause excuses a party's non-performance when an extraordinary, unforeseeable event beyond their control—such as a hurricane, flood, or government shutdown—makes performance impossible or impracticable.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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