Contracts
A Utah real estate contract discharged by impossibility means:
AThe buyer could not get financing
BPerformance has become objectively impossible due to an unforeseen event making the subject matter nonexistent or performance illegal✓ Correct
CThe seller changed their mind
DThe closing date passed
Explanation
A contract may be discharged by impossibility if an unforeseen event makes performance objectively impossible—such as the property being destroyed by fire before closing or a change in law making the sale illegal.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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