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A 72-hour clause, typically inserted in real estate sale contracts, is also known as an escape clause, release clause, kick-out clause, hedge clause or right of first refusal clause. [1] The 72-hour clause is a seller contingency which allows the seller to accept a buyer's contingent offer to purchase his/her property, while allowing the seller ...
For example, within the United States, the federal government imposes 72-hour cooling-off periods for many consumer transactions completed at home or away from the seller's traditional place of business.
Governor John Engler created the Office of Financial and Insurance Regulation as a Type I agency within the Michigan Department of Consumer and Industry Services to be headed up by a commissioner appointed to a four-year term. The Corporations, Securities and Land Development Bureau's security functions and all functions of the Insurance Bureau ...
A real estate contract typically does not convey or transfer ownership of real estate by itself. A different document called a deed is used to convey real estate. In a real estate contract, the type of deed to be used to convey the real estate may be specified, such as a warranty deed or a quitclaim deed. If a deed type is not specifically ...
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Limitation clause: The clause places a limit on the amount that can be claimed for a breach of contract, regardless of the actual loss. Time limitation : The clause states that an action for a claim must be commenced within a certain period of time or the cause of action becomes extinguished.
Minimum insurance requirements: Drivers must carry at least a minimum of 50/100/10 liability insurance, Personal Injury Protection (PIP) and Property Protection Insurance (PPI). The state’s ...
Chapter 12 – Express Terms, Chapter 13 – Implied Terms, Chapter 14 – Exemption Clauses, Chapter 15 – Unfair Terms in Consumer Contracts Part 5 – Illegality and Public Policy: Chapter 16 – Illegality and Public Policy