Question
A proposed draft for a contract to purchase 160 acres of unimproved rural land includes the following clause: in the event seller fails to comply
A proposed draft for a contract to purchase 160 acres of unimproved rural land includes the following clause: "in the event seller fails to comply with this purchase agreement for any other reason than inability to deliver merchantable title, buyers shall have the right to demand specific performance. no other clause deals with remedies for either party, except for a standard clause allowing seller to retain the earnest money if buyer defaults, what effect does this specific performance cause have on the parties rights, compared to a contract that is silent on the topic? If you are representing seller, would you accept this 'cause as is, or do you recommend revision? What if you were representing buyer?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started