A Florida real estate broker prepares a purchase agreement that incorrectly states the lot size as 15,000 sq ft when it's actually 12,000 sq ft. The error is discovered after contract execution but before closing. What is the buyer's most likely remedy?
Correct Answer
B) Demand a price reduction or cancel the contract
Correct: B - A material misrepresentation about lot size gives the buyer the option to renegotiate the price or cancel the contract. Why not A: The buyer should first seek resolution through the contract. Why not C: The buyer is not required to proceed with materially different terms. Why not D: This is a civil matter, not criminal, unless fraud is proven.
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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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- → A buyer signs a Florida purchase contract for a condo and learns during the inspection period about a special assessment of $10,000. The seller knew but didn't disclose this. What are the buyer's rights?
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A married couple in Florida is purchasing a home. The husband signs the purchase agreement, but the wife refuses to sign. The property will be their homestead. Under Florida law, what is the status of this contract?
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In Florida real estate purchase agreements, what is the legal term for the buyer's right to inspect the property and cancel the contract if unsatisfied?