Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. Dr. and Mrs. Roland entered into a contract to sell their home to Hellen Ward in August of 2014. Hellen Ward paid a deposit

image text in transcribed
image text in transcribed
4. Dr. and Mrs. Roland entered into a contract to sell their home to Hellen Ward in August of 2014. Hellen Ward paid a deposit of $30 000, with the agreement conditional upon Hellen Ward being able to obtain financing for the purchase. On 14 September 2014, the agent presented a waiver of the condition precedent, indicating that Hellen Ward had arranged financing for the purchase. On the strength of the now-firm contract, Dr. and Mrs. Roland entered into a contract to purchase another home from John Amphora, putting down a substantial deposit. When the time came to complete the transaction, Hellen Ward told Dr. and Mrs. Roland that she did not have the financing in place and that she would not be going though with the purchase unless they lowered the price. This forced the Rolands to terminate their contract for the Amphora home, forfeiting the deposit paid. They also were threatened with a substantial lawsuit and had to pay an additional amount to settle the matter. The Rolands sued Hellen Ward. Explain the basis of their complaint. What is the likely outcome and what would be included as a remedy? What difference would it have made if Hellen Ward had not waived the subject to financing clause

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Criminal Law

Authors: William Wilson

7th Edition

1292286741, 978-1292286747

More Books

Students also viewed these Law questions

Question

What does this look like?

Answered: 1 week ago