Suppose Chuck and Barbara agree to purchase a vacant lot from Steve, the legal owner. Two days later, Steve's father calls and informs them that Steve has changed his mind, as many precocious 16-year olds are apt to do. At the time the contract was signed, Steve did not reveal his age. What are Chuck and Barbara's options?

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Esther Lloyd

31 July, 08:46

Suppose Chuck and Barbara agree to purchase a vacant lot from Steve, the legal owner. Two days later, Steve's father calls and informs them that Steve has changed his mind, as many precocious 16-year olds are apt to do. At the time the contract was signed, Steve did not reveal his age. What are Chuck and Barbara's options?

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Redbull · Answer 1

Accept Steve's decision and look for another property

Explanation:

In the vast majority of contracts for the purchase and sale of lots, fines are usually provided for both parties in case of withdrawal. Since this type of penalty is in accordance with the law, if the seller withdraws from the sale after the contract has been signed, the buyer must accept this decision, provided that the seller pays the fine, the same applies if the buyer give up the purchase after you have signed the contract. For this reason, in the case reported in the question, we can conclude that what Chuck and Barbara must do is accept Steve's decision to give up the sale of the lot, but Steve must bear the withdrawal penalty.