A religious organization owned a valuable investment property in Chicago. In May 2007 , a real estate developer, Krivoruchko, contracted to purchase negotiate for the contract to include a financing contingency clause. Krivoruchko's contract did not include a financing contingency clause and here each during the 12 months ending October 2007. In Spring of 2007, several subprime lenders filed for bankruptcy and, by August 2007, banks had tightened the real estate mortgage market. with the provision that he deposit an additional \$50,000 in escrow. A bank offered a partial financing package to Krivorchko in October 2007 . The bank would finance about half, but Krivorchko would have to pay half from other sources such as his own funds. Krivorchko did not like the deal. sell for \$2 million so they declined. The organization sued Krivorchko in March. Krivorchko admitted that there was a contract and that he failed to close the deal which was a breach of the contract 1. The organization failed to mitigate damages when it did not accept the \$2 million offer. 2. Krivoruchko's performance should be excused under the doctrine of impossibility. Explain the following: regardless of how low? 2. Would the doctrine of impossibility apply under the fact pattern to excuse Krivorchko's performance? A religious organization owned a valuable investment property in Chicago. In May 2007 , a real estate developer, Krivoruchko, contracted to purchase negotiate for the contract to include a financing contingency clause. Krivoruchko's contract did not include a financing contingency clause and here each during the 12 months ending October 2007. In Spring of 2007, several subprime lenders filed for bankruptcy and, by August 2007, banks had tightened the real estate mortgage market. with the provision that he deposit an additional \$50,000 in escrow. A bank offered a partial financing package to Krivorchko in October 2007 . The bank would finance about half, but Krivorchko would have to pay half from other sources such as his own funds. Krivorchko did not like the deal. sell for \$2 million so they declined. The organization sued Krivorchko in March. Krivorchko admitted that there was a contract and that he failed to close the deal which was a breach of the contract 1. The organization failed to mitigate damages when it did not accept the \$2 million offer. 2. Krivoruchko's performance should be excused under the doctrine of impossibility. Explain the following: regardless of how low? 2. Would the doctrine of impossibility apply under the fact pattern to excuse Krivorchko's performance
