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Messages - Wild Jack Maverick

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151
Current Law Students / Re: K Hypo
« on: November 07, 2004, 11:18:52 AM »
jeffjoe,
I am not placing any other interpretation on the phrase 'make settlement.' I agree that it means to 'settle', to complete the contract, or in stated case, to make payment for the property.

I am saying that in the event that buyer procures the funds with which to make settlement, then cannot complete the deal because of some other reason, (i.e. buyer is in car accident or has heart attack the day of settlement, or must leave town, or seller refuses settlement etc), he is released from the terms of the contract. In the real world, quite possibly seller did not really want to sell but agreed to the contract with the belief that buyer would not have the money for settlement.
We could dissect the contract, word for word, but unfortunately, joshdelight provided only a phrase.  :)

152
Current Law Students / Re: K Hypo
« on: November 06, 2004, 04:20:51 PM »
It does seem that the buyer's obligation to perform depends wholely on his ability to perform. The contract states 'cannot' and not 'will not.'
However, it is not stated that his ability to perform depends solely upon his ability to raise the funds for the purchase. The buyer's ability to perform might depend upon other unexpected occurances which could affect his ability to perform on any pre-determined date of performance.

Since there is not shown any circumstances that the seller could refuse to perform, it would also seem that the seller is in breach. However, the seller could argue that his refusal is the reason that the buyer cannot make settlement, in which case the buyer is not liable and would be entitled to the refund of his money.

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