Contracts
If a Texas residential contract has no closing date specified and both parties cannot agree on one, what is the likely result?
ATREC sets a default closing date of 30 days
BThe contract may be considered unenforceable for lack of essential terms✓ Correct
CThe court will set a reasonable closing date
DThe listing broker's office sets the date
Explanation
A closing date is an essential term of a real estate contract. Without it, the contract may lack sufficient certainty to be enforceable. Time is often said to be 'of the essence' in contracts that specify closing dates.
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