Which of the following is NOT a function of the Arizona purchase contract?

The choice indicating that it does not function to obligate the buyer to obtain financing is accurate because a purchase contract typically outlines the terms of the sale, including the rights and responsibilities of both parties involved. While the contract may reference financing options or contingencies related to obtaining financing, it does not mandate that the buyer must secure financing. Instead, it establishes expectations about the transaction, such as the sale price, terms, rights, and party obligations.

In contrast, the other functions mentioned in the correct choices highlight essential elements of a purchase contract. For instance, describing the rights of each party is critical to ensuring that both the buyer and seller understand their commitments and entitlements. Moreover, the contract obligates the seller to sell the property and indicates the agreed-upon price and terms, which are foundational to the agreement. Overall, the important role of the purchase contract is to clearly articulate the intentions and agreements of both parties without imposing an obligation on the buyer regarding financing.