Contracts
A Wyoming buyer and seller agree to close 'on or before July 15.' If the buyer is ready to close on July 10 but the seller cannot close until July 20, which party is in default?
AThe buyer, for closing before the agreed date
BThe seller, for failing to close by the specified deadline✓ Correct
CNeither party if the contract says 'on or before'
DBoth parties, since the date was not adhered to
Explanation
An 'on or before' clause means closing must occur by the stated date. The seller's failure to be ready to close by July 15 means the seller is in default of the contract's closing date provision.
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