Question about Wholesale Contract Provision

[John T.]

A newbie wholesaler, who says he has a Mentor, has a one page Purchase and Sale Agreement that contains the following provision:

"This contract is binding at 11:59 pm on the tenth day after it is executed by the buyer and seller."

Assuming that every clause and sentence in a contract has a purpose, what is the purpose of the above-quoted sentence? Is this a 10 day right of rescission?  Any thoughts on the purpose of the provision?

[Guy Gimenez]

@John T.

Day 5 of non-binding agreement:                                                                                             Seller contracts to sell to another buyer and has no duty to disclose this to original buyer/wholesaler.  

Day 7 of non-binding agreement:                                                                                    Original buyer (wholesaler) assigns the purchase contract to another investor (who never reviews the purchase agreement) and wholesaler collects a non-refundable assignment fee. 

Day 9 of non-binding agreement:                                                                                      Seller informs assignor (wholesaler) that the seller has a binding purchase agreement with a third party and therefore will not be selling to wholesaler.                                                                           

And the party who recommended this language be used is a "mentor"?  Riiiiiiiiiiiiight.