Contracts
Under South Carolina law, which of the following is a standard contingency period in residential transactions?
AUnlimited time for all contingencies
BSpecific time periods stated in the contract for each contingency✓ Correct
CAlways 30 days for all contingencies by law
D7 days for all contingencies by law
Explanation
There is no state-mandated contingency period length. The time period for each contingency (inspection, financing, appraisal, home sale) is negotiated and stated in the purchase contract.
Related South Carolina Contracts Questions
- Under South Carolina law, which party typically has the right to the earnest money if the buyer exercises a valid contingency and terminates the contract?
- Under South Carolina contract law, 'consideration' in a real estate contract means:
- What is the legal effect of an addendum to a South Carolina real estate contract?
- In South Carolina, what is 'integration' or the 'merger doctrine' in contract law?
- In South Carolina, which of the following is TRUE about electronic signatures on real estate contracts?
- What is the significance of the 'inspection contingency' in a South Carolina residential purchase contract?
- An 'acceleration clause' in a South Carolina mortgage allows the lender to:
- In South Carolina, what is 'force majeure' in a real estate contract?
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 →