Contracts
A Minnesota buyer submits a cash offer with no financing contingency. The buyer later cannot obtain the funds. What can the seller do?
ANothing since cash buyers are protected by state law
BSeek specific performance or damages since the buyer breached the contract✓ Correct
COnly retain the earnest money but nothing more
DMust accept a new offer from the buyer with a financing contingency
Explanation
A cash offer with no contingencies is a binding contract in Minnesota. If the buyer cannot perform, they have breached the contract.
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