A buyer in Fairfield, Connecticut makes an offer on a home that is contingent upon the seller completing specific repairs to the roof before closing. The seller agrees in writing, and the repair contingency is included in the purchase and sale agreement. One week before closing, the seller notifies the buyer that the roof repairs will not be completed in time. What is the buyer's most appropriate course of action under Connecticut contract principles?
Correct Answer
B) Terminate the contract and recover the earnest money deposit, or negotiate a price reduction or closing extension as alternatives
When a seller fails to satisfy a contractual repair contingency, the buyer has several options: (1) terminate the contract and recover the earnest money deposit since the contingency condition was not met; (2) negotiate a price reduction reflecting the cost of the unfinished repairs; or (3) agree to a closing extension to allow the seller more time to complete the repairs. These are the standard remedies available under Connecticut contract principles when a contingency condition is not fulfilled by the seller.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
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