Contracts
In Oregon, a buyer's offer includes an inspection contingency giving the buyer 10 days to complete inspections. If the buyer does not act within 10 days, what typically happens?
AThe contract is automatically extended another 10 days
BThe contingency is deemed waived and the contract proceeds without it✓ Correct
CThe seller can choose to cancel the contract
DThe earnest money is immediately forfeited
Explanation
Under standard Oregon purchase agreement language, if the buyer fails to act on a contingency within the specified timeframe, the contingency is typically waived. The contract continues in force as if the contingency no longer exists.
Related Oregon Contracts Questions
- An Oregon buyer's purchase offer specifies 'closing on or before July 15.' The seller accepts on July 10. What happens if the parties cannot close by July 15?
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