Contracts
A New Mexico purchase contract states 'closing on or before July 15.' The actual closing occurs on July 14. This is:
AA breach of contract because closing must be on July 15
BAcceptable because the closing occurred before the deadline✓ Correct
CA voidable contract at the seller's option
DInvalid because an exact date was not set
Explanation
A contract that calls for closing 'on or before' a specified date allows closing to occur anytime up to and including that date. Closing on July 14 meets the deadline.
Related New Mexico Contracts Questions
- In New Mexico, an option contract gives the optionee the:
- If a New Mexico purchase contract contains a 'kick-out clause,' it means the seller can:
- In New Mexico, 'consideration' in a real estate contract must be:
- In New Mexico, a purchase contract's 'closing date' typically means:
- In New Mexico, which of the following is an example of a 'condition precedent' in a real estate contract?
- In New Mexico, a commercial 'triple net lease' with a 10-year term would be an example of which type of lease?
- In New Mexico, a 'force majeure' clause in a real estate contract may excuse performance if:
- When a seller accepts a buyer's offer, what is created?
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →