The existence of an oral or written contingency provision in a purchase agreemen

Question

The existence of an oral or written contingency provision in a purchase agreement renders the agreement:
a) void.
b) a mere illusory contract
c) Both a and b.
d) Neither a nor b.
If a contingency is not satisfied, the person authorized in writing or benefiting from the contingency may:
a) cancel the transaction by serving the other person with a Notice of Cancellation.
b) waive the contingency and proceed with the transaction by notifying the other person the contingency has been waived.
c) Either a or b.
d) Neither a nor b.
A contingency included for the mutual benefit of both the buyer and seller can be waived by:
a) the buyer alone.
b) mutual consent of both the buyer and seller.
c) the seller alone.
d) It cannot be waived.
A ____________ returns the buyer and seller to their respective positions prior to entering into the purchase agreement, as though they had never agreed to the transaction.
a) cancellation
b) rescission
c) redemption
d) breach
Before a buyer or a seller may consider canceling a transaction, the other person needs to have:
a) vacated the premises.
b) fulfilled their obligations.
c) defaulted.
d) Any of the above. The existence of an oral or written contingency provision in a purchase agreement renders the agreement:
a) void.
b) a mere illusory contract
c) Both a and b.
d) Neither a nor b.
If a contingency is not satisfied, the person authorized in writing or benefiting from the contingency may:
a) cancel the transaction by serving the other person with a Notice of Cancellation.
b) waive the contingency and proceed with the transaction by notifying the other person the contingency has been waived.
c) Either a or b.
d) Neither a nor b.
A contingency included for the mutual benefit of both the buyer and seller can be waived by:
a) the buyer alone.
b) mutual consent of both the buyer and seller.
c) the seller alone.
d) It cannot be waived.
A ____________ returns the buyer and seller to their respective positions prior to entering into the purchase agreement, as though they had never agreed to the transaction.
a) cancellation
b) rescission
c) redemption
d) breach
Before a buyer or a seller may consider canceling a transaction, the other person needs to have:
a) vacated the premises.
b) fulfilled their obligations.
c) defaulted.
d) Any of the above. The existence of an oral or written contingency provision in a purchase agreement renders the agreement:
a) void.
b) a mere illusory contract
c) Both a and b.
d) Neither a nor b.
If a contingency is not satisfied, the person authorized in writing or benefiting from the contingency may:
a) cancel the transaction by serving the other person with a Notice of Cancellation.
b) waive the contingency and proceed with the transaction by notifying the other person the contingency has been waived.
c) Either a or b.
d) Neither a nor b.
A contingency included for the mutual benefit of both the buyer and seller can be waived by:
a) the buyer alone.
b) mutual consent of both the buyer and seller.
c) the seller alone.
d) It cannot be waived.
A ____________ returns the buyer and seller to their respective positions prior to entering into the purchase agreement, as though they had never agreed to the transaction.
a) cancellation
b) rescission
c) redemption
d) breach
Before a buyer or a seller may consider canceling a transaction, the other person needs to have:
a) vacated the premises.
b) fulfilled their obligations.
c) defaulted.
d) Any of the above.

Explanation / Answer

The existence of an oral or written contingency provision in a purchase agreement renders the agreement:

d) Neither a nor b.

If a contingency is not satisfied, the person authorized in writing or benefiting from the contingency may:

c) Either a or b.

A contingency included for the mutual benefit of both the buyer and seller can be waived by:

b) mutual consent of both the buyer and seller.

A ____________ returns the buyer and seller to their respective positions prior to entering into the purchase agreement, as though they had never agreed to the transaction.

b) rescission

Before a buyer or a seller may consider canceling a transaction, the other person needs to have:

c) defaulted.

Reference- http://journal.firsttuesday.us/time-to-perform/22/

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