Contracts
In Oregon, a 'force majeure' clause in a commercial real estate contract provides which protection?
AProtection against changes in market value
BExcusing a party from performance when events beyond their control (natural disasters, pandemics, government actions) prevent timely performance✓ Correct
CA clause requiring the seller to fix all defects before closing
DInsurance protection for the transaction
Explanation
Force majeure (superior force) clauses excuse contractual performance when extraordinary events beyond the parties' control (acts of God, natural disasters, pandemics, government restrictions) prevent timely performance. Oregon commercial real estate contracts often include these clauses.
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Key Terms to Know
Contingency
A 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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Math Concepts
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