Contracts
An Oregon purchase contract includes a 10-day inspection contingency. On day 8, the buyer's inspector discovers significant foundation problems. The buyer should:
ADo nothing — the contract automatically terminates when the inspection reveals defects
BNotify the seller within the contingency period of their decision to terminate or request repairs✓ Correct
CExtend the contingency period by an additional 10 days
DAccept the defects as-is since the inspection period has not fully expired
Explanation
The buyer must act within the contingency period. On discovering significant defects, the buyer should notify the seller (within the contingency period) of their decision — to terminate the contract, request repairs, seek a price reduction, or proceed as-is. Silence may result in the contingency being waived.
Related Oregon Contracts Questions
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