Crucial Exams

Multistate Bar Examination Practice Question

Jane signs a real estate purchase agreement with a clause that requires closing to occur by October 15th. Due to unexpected delays in securing financing, Jane cannot complete the purchase by that date and requests a two-week extension. The seller refuses the extension and insists on the original closing date. What is the most likely legal consequence for Jane if she fails to close by October 15th?

  • The contract automatically extends to accommodate Jane’s new closing date.

  • Both Jane and the seller are in breach, and neither can seek damages.

  • Jane is in breach of the contract and the seller can seek damages.

  • Jane can choose to rescind the contract without any penalties.

Multistate Bar Examination
Real Property
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