In June 2018, Beth and Bob Byers were looking for a lot near Rustic Lake in Rustic County on which they wished to build a house for their residence. With the assistance of their real estate agent, Don Drew, the Byers looked at a parcel of unimproved property that was available for sale and placed between some existing p. 770houses. At the Byers' request, the agent for Sara Seller provided the Byers with a Property Disclosure Statement, outlining the conditions of the real property known to Seller who had owned the property for ten years. On this statement, Seller marked "Yes" in response to the question, "Are you aware of any past or present drainage or flooding problems on the property?" Because of this disclosure, Mr. Drew contacted Sara's real estate agent to inquire further as to the nature of the drainage and flooding issues with the property. Sara responded stating that she marked "Yes" because she was aware the property had flooded during the massive storm of May 2015, which affected many properties in Rustic County. The Byers then hired Paul Parker, a general contractor and builder, to visit the property and assess whether there were any flooding or drainage problems with the lot that could impede the Byers' ability to build a house on the lot. Mr. Parker inspected the property and reviewed the Federal Emergency Management Agency ("FEMA") flood panel and Flood Insurance Rate Map ("FIRM"), after which he determined that there were no flooding or drainage problems that would hinder Buyers' ability to construct a house on the lot. On July 1, 2018, the Byers executed a Land Purchase Agreement whereby they agreed to purchase the lot for $100,000, with $10,000 paid at signing and $2500 paid quarterly for the next nine years. The contract contained a Section 6 which provided: 6. Inspections and other requirements made a part of this Agreement. [B]uyer shall have the right and responsibility to enter the property during normal business hours for the purpose of making inspections and/or tests. Buyer shall make such inspections as indicated in this paragraph and either accept the property in its present condition by written notice to Seller or terminate the Agreement as provided for each section marked below. The Byers "checked" the box immediately preceding the stipulation labeled, "Building Permit," which gave the Byers the option to withdraw from the contract if they were "unable to acquire the necessary licenses and permits to make specific improvements on the Property and notified Sellers of this fact within thirty days of the date of contracting." The Byers did not check a box for the stipulation which read, "No Inspection Contingencies. Buyer accepts the Property in its present condition. All parties acknowledge and agree that the Property is being sold 'AS IS' with any and all faults." Over the next nine months, Mr. Parker, the contractor retained by Byers, developed building and site plans for the property. In December 2018, Mr. Parker obtained a building permit from the Rustic County Building Department for the Byers' new home on the property. Mr. Parker began work on the property in March 2019. One week after construction commenced, Mr. Parker was informed by Rustic County officials that the property was located in an area of "localized flooding" under a new zoning program that the county had established and that took effect on January 1, 2019. The zoning classification would require special measures to ensure the property would not cause flooding to adjacent property. Mr. Parker immediately stopped construction and notified the Byers of this development. p. 771The Byers then hired a professional engineer, Wesley Warren, to assess the ramifications of the county's determination. Following an extensive study, Mr. Warren concluded that the property generally lies at a lower elevation than the surrounding lots and often receives surface and subsurface rainwater runoff from the adjacent lots. He estimates that property must have flooded at least every other year since the neighborhood was subdivided in 1999. Mr. Warren determined that the "localized flooding" zoning classification by Rustic County was consistent with industry standards given the property's drainage issues. He further determined that the lot would need extensive modifications to prevent flooding; however, these modifications would be extremely costly, an estimated $150,000, and might subject the Byers to future liability due to the displacement of water onto neighboring parcels. Given the unique challenges of this particular parcel, Mr. Warren determined the lot had not been suitable for residential construction since 1999 and it would not be suitable now, even if the county waived the zoning restrictions. As a result, the Byers abandoned the thought of constructing a house on the lot.

Do the Byers have valid grounds to rescind the Land Purchase Agreement with Sara Seller. What is your assessment?