Contracts
In South Carolina, what happens to the contract if a contingency is not satisfied and not waived?
AThe contract automatically extends
BThe contract may be terminated and the earnest money returned to the buyer✓ Correct
CThe seller must fulfill the contingency
DThe parties must renegotiate all terms
Explanation
If a contingency is not satisfied and not waived by the applicable deadline, the buyer typically has the right to terminate the contract and receive a refund of the earnest money. The contract is voidable at the buyer's option.
Related South Carolina Contracts Questions
- In South Carolina, what is the purpose of the SC Residential Property Condition Disclosure Statement?
- In South Carolina, 'liquidated damages' are predetermined. They differ from 'actual damages' in that:
- Under South Carolina law, a minor (under 18) who signs a real estate contract has the right to:
- A South Carolina contract clause that states 'buyer and seller agree to resolve disputes through binding arbitration' is:
- A South Carolina seller receives multiple offers simultaneously. The seller's best practice is to:
- What is an 'option contract' in South Carolina real estate?
- In South Carolina, a real estate contract signed under duress is:
- When is a South Carolina real estate contract considered 'ratified'?
Practice More South Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Carolina Quiz →