When a contingency clause is used in a purchase agreement, which of the following information should be included?
A. Nature of the contingency
B. Duration of the contingency
C. Conditions for removal of the contingency
D. All of the above
Answer: D. All of the above
Explanation: A contingency clause should describe what has to be done to fulfill the contingency and set a time limit for getting it done. The clause should also specify how one party will notify the other when the contingency has been fulfilled, and explain the rights of the parties if the contingency isn't fulfilled.
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