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MMLU / An owner operated a successful retail business. He decided he wanted to retire…

Problem

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question

An owner operated a successful retail business. He decided he wanted to retire and listed his business for sale. A buyer saw the listing and visited the retail business. The buyer told the owner that she was very interested in buying the business, but that she needed to get a loan from the bank to finance the purchase. The parties drafted a contract, signed by both parties, which stated that the buyer agreed to purchase the retail business from the owner for $250,000. The written agreement contained a provision wherein the sale would not take effect "unless the buyer is successful in her bid to obtain a loan from a bank to finance the purchase of the business. " Subsequently, the buyer made no effort to attempt to obtain a loan from a bank so that the sale could be finalized. After several months, the owner filed suit against the buyer for breach of contract. Which of the following will be the owner's strongest argument in support of his action against the buyer for breach of contract?

choices

  1. The obtaining of a loan from a bank was not worded as a "condition" to the buyer's duty to buy the business.
  2. Although obtaining a loan from a bank was a condition to the buyer's duty to buy the business, the condition should be excused because its non-occurrence would cause a forfeiture to the owner.
  3. Although obtaining a loan from a bank was a condition to the buyer's duty to buy the business, it should be stricken from the contract because it is an unconscionable term.
  4. The buyer breached an implied promise to make a reasonable effort to obtain a loan from a bank.

subject

professional_law

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Source and history

task_id
95959a0a-7c5b-5be8-97aa-7ac455867c3d
task_key
all--test--95959a0a-7c5b-5be8-97aa-7ac455867c3d
task_revision_id
1
config / split
all / test

Official source

initial import