Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Fundamentals

Authors: Robert N. Lussier

9th Edition

154438419X, 978-1544384191

More Books

Students also viewed these General Management questions