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MMLU / A seller contracted to sell land to a buyer for …

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

A seller contracted to sell land to a buyer for $300,000. The contract provided that the closing would be 60 days after the contract was signed and that the seller would convey to the buyer a "marketable title" by a quitclaim deed at closing. The contract contained no other provisions regarding the title to be delivered to the buyer. A title search revealed that the land was subject to an unsatisfied $50,000 mortgage and a right-of-way easement over a portion of the land. The buyer now claims that the title is unmarketable and has refused to close. Is the buyer correct?
Plain-text mathematical notation (without MathML)
A seller contracted to sell land to a buyer for $300,000. The contract provided that the closing would be 60 days after the contract was signed and that the seller would convey to the buyer a "marketable title" by a quitclaim deed at closing. The contract contained no other provisions regarding the title to be delivered to the buyer. A title search revealed that the land was subject to an unsatisfied $50,000 mortgage and a right-of-way easement over a portion of the land. The buyer now claims that the title is unmarketable and has refused to close. Is the buyer correct?
Original LaTeX notation
A seller contracted to sell land to a buyer for $300,000. The contract provided that the closing would be 60 days after the contract was signed and that the seller would convey to the buyer a "marketable title" by a quitclaim deed at closing. The contract contained no other provisions regarding the title to be delivered to the buyer. A title search revealed that the land was subject to an unsatisfied $50,000 mortgage and a right-of-way easement over a portion of the land. The buyer now claims that the title is unmarketable and has refused to close. Is the buyer correct?

choices

  1. No, because nothing under these facts renders title unmarketable.
  2. No, because the buyer agreed to accept a quitclaim deed. quitclaim deed.
  3. Yes, because the right-of-way easement makes the title unmarketable.
  4. Yes, because the unsatisfied mortgage makes the title unmarketable.

subject

professional_law

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Source and history

task_id
0cdc4a83-8667-543a-8905-29866e2e3126
task_key
all--test--0cdc4a83-8667-543a-8905-29866e2e3126
task_revision_id
1
config / split
all / test

Official source

initial import