Contracts
A buyer's purchase agreement includes a contingency stating 'subject to buyer's attorney review within 5 days.' This is a:
AMandatory contingency in all Oregon contracts
BA condition that must be satisfied (or waived) for the contract to become binding✓ Correct
CAn illegal restriction under Oregon law
DAn automatic extension of the closing date by 5 days
Explanation
An attorney review contingency is a negotiated condition that allows the buyer's attorney to review and approve the contract within a specified period. If the attorney raises objections or the contingency is not satisfied or waived within the period, the contract may be terminated.
Related Oregon Contracts Questions
- Which of the following best describes 'novation' in the context of an Oregon real estate contract?
- In an Oregon purchase agreement, a buyer includes a 'sale of buyer's home contingency.' What does this mean?
- Under Oregon law, what must happen for an offer to purchase to become a binding contract?
- An Oregon purchase agreement states the closing date is June 15. The parties have not included a 'time is of the essence' clause. What is the effect?
- In Oregon, what is an 'addendum' to a purchase contract?
- What is 'tender' in the context of performing a real estate contract in Oregon?
- In Oregon, what is a 'hold harmless' clause in a real estate contract?
- In Oregon, which of the following is considered 'consideration' in a real estate purchase contract?
Practice More Oregon Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oregon Quiz →