Asked by courtney wickens on Sep 30, 2024
Chris contracts to buy David's house on condition that Small Town Bank approves Chris's application for a mortgage loan by July 1.If Chris is not approved for the loan,then:
A) he still has a duty to buy the house.
B) he is discharged from further obligation under the contract.
C) his inability to get the loan constitutes a breach of contract.
D) he must renegotiate with David.
Mortgage Loan
A loan secured by the collateral of specified real estate property, where the borrower is obliged to pay back with a predetermined set of payments.
Duty To Buy
An obligation, usually legal or contractual, to purchase a specific product or service.
- Investigate the roles and rights connected with condition precedent and condition subsequent.
Learning Objectives
- Investigate the roles and rights connected with condition precedent and condition subsequent.
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