Question
Funmi asked her agent to write an offer on the Jones condo; she gave her agent an earnest money deposit check for $15,000. The offer
Funmi asked her agent to write an offer on the Jones condo; she gave her agent an earnest money deposit check for $15,000. The offer expires Saturday at noon. On Friday at 6pm, the Jones agent called Funmis agent and told her that the Jones had accepted Funmis offer and hed return the signed contract by Saturday morning, since the Jones were not available to sign. Funmis agent immediately called to tell her they had a deal. During the week, however, Funmi had seen another condo in the same complex she likes much better and tells her agent shed prefer to buy that one instead. In 2-3 sentences, describe both Funmi and the Jones rights in this situation. Do they have a deal? Can Jones keep any or part of Funmis deposit if she tries to buy the other condo instead? Why/why not?
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