You find a house that you want to buy that is listed at a price of $300,000. You agree to pay that price and you, with the help of your real estate agent, prepare an offer and that is accepted by the seller. You provide a $500 deposit with the offer. But when you go to the bank, even though you have a sufficient down payment ($30,000), they refuse to give you a mortgage loan and therefore you will not be able to pay for the house. Do you have a binding contract? Please outline why it is a binding contract or why it is not. What options are available to you and to the seller of the house when you and they find out you cannot pay for it