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Flashcards in 3.4 Deck (12):
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True or False:
If the contingency has been resolved to the controlling party's satisfaction, the purchase agreement would remain in force without confirmation.

True

1

Conditions should be resolved or satisfied within a ______ time period.

reasonable

2

Contingency clauses should be written to automatically become _______ if the contingency is satisfied.

void

3

A lack of clarity in a purchase agreement can become troublesome if there's a ______ in the transaction.

problem or disagreement

4

As a listing agent, you should advise your sellers to handle a poorly written clause from a buyer's agent by countering it with _______ language.

appropriate

5

________ parties cannot be arbitrarily introduced into purchase agreements.

Third

6

True or False:
Only the buyer should have the power of accepting or rejecting aspects of the transactions, of canceling the agreement, or removing a contingency.

False

7

Every contract condition or contingency must be ________.

resolved or satisfied

8

If he contingency has been resolved to the controlling party's satisfaction, the purchase agreement would remain ________ without needing written confirmation.

in force

9

Contingency clauses should generally become ______ void if the contingency is satisfied.

automatically

10

True/False:
Conditions should always be resolved or satisfied within 30 days.

False

11

If the contingency has been resolved to the controlling party's satisfaction, the _______ should remain in force without need of written contingency removal.

purchase agreement