A commercial property purchase agreement includes a condition for environmental site assessment. The buyer's environmental consultant discovers soil contamination but the buyer decides to proceed anyway. To complete the purchase, the buyer must:
Correct Answer
C) Waive the environmental condition in writing before the deadline
Even if the environmental assessment reveals issues, the buyer can still choose to proceed with the purchase by waiving the environmental condition in writing before the deadline. The condition exists for the buyer's benefit, and they have the right to waive it regardless of what the assessment reveals, though this would not be advisable without proper legal counsel.
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A buyer's offer includes the condition 'Subject to buyer obtaining satisfactory financing at an interest rate not to exceed 6.5% per annum.' The buyer's bank approves a mortgage at 6.8% interest. Two days before the financing condition expires, competing lender offers 6.2% financing but requires additional documentation that cannot be completed before the deadline. What is the buyer's strongest legal position?
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A listing agreement contains a clause stating 'commission is earned when a ready, willing, and able buyer is procured.' The seller refuses to complete the sale after such a buyer is found, claiming they changed their mind. What are the agent's rights regarding commission?