Remedies-exchange the deed for the price

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Reference no: EM13855468

Remedies: Frances Morelli agreed to sell to Judith Bucklin a house in Rhode Island, for $77,000. The closing at which the parties would exchange the deed for the price was scheduled for September 1. The agreement did not state that "time is of the essence", but it did provide, in "Paragraph 10" that "(if Seller is unable to [convey good, clear, insurable, and marketable title], Buyer shall have the option to (a) accept such title as Seller is able to convey without abatement or reduction of the Purchase Price, or (b) cancel the Agreement and receive a return of all Deposits." An examination of the public records revealed that the house did not have marketable title. Wishing to be flexible, Burklin offer Morelli time to resolve the problem, and the closing did not occur as scheduled. Morelli decided, "the deal is over" and offered to return the deposit. Bucklin refused and, in mid-October, decided to exercise her option under Paragraph 10(A) She notified Morelli, who did not respond. Bucklin filed a suit in a Rhode Island state court against Morelli. Discuss fully.

Reference no: EM13855468

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Remedies-exchange the deed for the price : Remedies: Frances Morelli agreed to sell to Judith Bucklin a house in Rhode Island, for $77,000. The closing at which the parties would exchange the deed for the price was scheduled for September 1. Bucklin refused and, in mid-October, decided to exe..

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