Question

an offer contains a contingency clause calling for a property inspection and approval by the buyer's wife within one week of the offer's acceptance. is this a binding contingency? select one: a. yes, but only if the buyer's wife has signed the offer. b. yes, if the seller accepts the offer. c. no, because only the buyer has made this offer. d. no, because the law does not allow one spouse to make an offer on real property in the absence

Answer 1

Yes, if the seller accepts the offer, then it is called as a binding contingency. Thus, option B is correct.

What is a contingency clause?

A contingency clause then is defined as a clause or a condition if or when that is fulfilled, then only the offer will be considered regarding the buying and selling of a product.

As in this, there is a clause in the contract with sales that if the property inspection is being done properly and got the approval by the buyer's wife.

Further, if the seller accepts the offer then the deal will be done which will be called a binding contingency. Therefore, option B is the correct option.

Learn more about the contingency clause, here:

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