Twin Properties, Inc is purchasing a one?acre parcel of industrial land from Zeezrom Development. Zeezrom will be financing part of the purchase and has placed a clause in the contract requiring Twin Properties to provide proof of financial solvency
and stability. Two days before closing, Zeezrom discovers that Twin Properties is part of a Chapter 11 Bankruptcy Reorganization Proceeding. Must Zeezrom go through with the sale?
?No. The proof of solvency is a condition precedent to performance. Clearly, Twin does not meet the requirement.
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