A purchase agreement in Missouri is signed by both parties on March 1. The agreement states that the seller must provide the buyer with the Missouri Seller's Disclosure Statement within 10 days of the effective date. The seller provides the disclosure on March 14. The buyer is unhappy with the disclosed information and wants to rescind the contract. Under RSMo § 339.730 et seq., what right does the buyer most likely have?
Correct Answer
D) The buyer may rescind the contract because the disclosure was not provided within the required timeframe
Under RSMo § 339.730 et seq., the Missouri Seller Disclosure Act requires the seller to provide the disclosure statement before or at the time of signing the purchase agreement, or within a specific timeframe as agreed. When the disclosure is provided late (after the contract is signed), the buyer retains the right to rescind the contract within a reasonable period after receiving the disclosure. The late delivery of the disclosure preserves the buyer's rescission right because the buyer did not have the benefit of the disclosure when deciding to enter the contract.
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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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