Contracts
A Louisiana buyer and seller execute a purchase agreement on March 1 with a closing date of April 15. On April 10, the seller informs the buyer they want to push closing to May 15. The buyer's options include:
AAccept or demand performance by the original closing date, potentially with damages for delay✓ Correct
BAutomatically receive a 60-day extension under Louisiana law
CFile a complaint with the LREC for breach
DOnly accept the extension or void the contract with no remedies
Explanation
When a seller requests a closing delay, the buyer may agree to the extension or, if time is of the essence or the delay constitutes a material breach, demand performance by the original date or seek legal remedies including damages or specific performance.
Related Louisiana Contracts Questions
- In Louisiana, if a buyer defaults on a purchase agreement, the seller's typical remedy is:
- An addendum to a real estate contract is used to:
- In Louisiana, what is the term for an agreement to sell that binds both parties to complete a transaction in the future?
- In Louisiana, the Statute of Frauds requires that real estate contracts be:
- A contingency in a Louisiana purchase agreement that protects the buyer if the property does not appraise at the purchase price is called a/an:
- Under Louisiana law, an 'authentic act' for the sale of immovable property must be:
- In Louisiana, a property management lease agreement with a residential tenant must include all of the following EXCEPT:
- A 'Cash Sale' in Louisiana means:
Practice More Louisiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Louisiana Quiz →