Stefanie has entered into a contract to purchase a shopping center from Ryan. The contract requires that the closing take place on July 25. Stefanie encounters some problems with obtaining a mortgage loan and does not close on July 25. Is Stefanie in default on July 26? What issues may affect your answer.
Fill in the blank(s) with the appropriate word(s).
Stefanie may or may not be in default on July 26. If the contract contained a financing contingency, obtaining a mortgage loan may have been a condition precedent to Stefanie’s obligation to buy the property. Her failure to obtain a loan excuses her from the obligation to buy. Even if the contact did not have a financing contingency, Stefanie might still not be in default on July 26. Unless the contact provided that time is the essence, July 25 would not have been the absolute date for performance. If the contract did not contain a time-is-of-the-essence clause, then Stefanie would be given a reasonable period of time after July 25 to buy the property before she would be in default.
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a. True b. False Indicate whether the statement is true or false
Following the Goldberg decision, which of the following is an incorrect statement?
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Probably the most common method of resolvingdisputesis ___. ?
Fill in the blank(s) with the appropriate word(s).
Precedent is:
A. an earlier court decision on an issue that governs or guides a subsequent court in its determination of an identical or similar issue based on identical or similar key facts. B. a decision from a higher court in a jurisdiction. C. a decision that a court may look to for guidance when reaching a decision but is not bound to follow. D. a basic principle of the common law system that requires a court to follow a previous decision of that court or a higher court in the jurisdiction when the current decision involves issues and key facts similar to those involved in the previous decision. E. all of the above.