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Kapenis put in a bid to buy the Gildeases' house. The contract contained a clause stating that the offer was subject to Kapenis's obtaining suitable
Kapenis put in a bid to buy the Gildeases' house. The contract contained a clause stating that the offer was subject to Kapenis's "obtaining suitable financing interest rate no greater than 123/4 percent." Kapenis rejected all loan programs offered to him as having monthly payments that were too high, as not being assumable, or as having terms that were not satisfactory. Kapenis then withdrew his offer. The Gildeases sued him for breach of contract. - Did the interest rate condition have to be met before there would be an enforceable contract? - Did Kapenis breach the contract by rejecting all financing programs available? - If the contract was breached, what are the appropriate remedies
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