Which pairs of Purchase Contract terms are NOT mutually exclusive?

The correct answer highlights that mediation and arbitration are terms that can coexist within a purchase contract, making them not mutually exclusive. In real estate transactions, parties often include both mediation and arbitration as dispute resolution mechanisms. Mediation typically involves a neutral third party facilitating a discussion to help the parties reach a mutually acceptable agreement, while arbitration involves a neutral third party making a binding decision based on the presented evidence.

When both methods are included in a contract, the parties often agree to try mediation first before committing to arbitration, so they are not in direct conflict. This allows flexibility in resolving disputes while addressing different needs or outcomes that may arise.

The other options involve terms that may conflict with one another or are oriented towards exclusion. For instance, a unilateral right to extend closing and the phrase "Time is of the Essence" suggest opposing approaches to deadlines in a transaction. Similarly, stipulations about earning interest on deposits represent conflicting terms that cannot logically coexist.