In a complex commercial transaction, the buyer includes a condition 'subject to buyer's lawyer's approval of all documentation.' The lawyer raises concerns about environmental liability but the buyer instructs proceeding anyway. Can the buyer still use this condition to withdraw?
Correct Answer
B) Yes, because the lawyer did not provide written approval
The condition requires the lawyer's approval of documentation, not the buyer's approval. Even if the buyer is willing to accept the risk, the condition specifically requires lawyer approval, which has not been obtained in this scenario.
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In a complex commercial real estate transaction, the buyer discovers that the seller's corporate signing authority was exceeded when the Agreement of Purchase and Sale was executed. The seller's board of directors subsequently ratifies the agreement three weeks after signing. What is the most likely legal outcome regarding contract validity?
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In a complex transaction, a buyer's solicitor discovers a restrictive covenant that significantly impacts the intended use of the property. The Agreement of Purchase and Sale contains no specific condition regarding restrictive covenants, but includes a standard 'good and marketable title' clause. Can the buyer terminate the agreement?