Contracts
Which of the following is a characteristic of an 'as-is' clause in an Oregon purchase contract?
AIt eliminates the seller's duty to complete the Seller's Property Disclosure Statement
BIt shifts the risk of unknown defects to the buyer, but the seller must still disclose known material defects✓ Correct
CIt waives the buyer's right to conduct a home inspection
DIt guarantees the seller is not responsible for any condition of the property
Explanation
An 'as-is' clause in Oregon shifts the burden of unknown defects to the buyer but does NOT excuse sellers from disclosing known material defects. Sellers must still complete the Seller's Property Disclosure Statement and cannot use 'as-is' to conceal known problems.
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