Examlex

Solved

Usually,if an Event Destroys a Property During a Pending Sale

question 23

True/False

Usually,if an event destroys a property during a pending sale through no fault of the seller,the liability becomes a shared responsibility for the buyer and seller.


Definitions:

Commercially Reasonable

A standard in law and business that measures actions against what a reasonable person engaged in commerce would believe is acceptable or customary practice.

Repossessed Vehicle

A vehicle taken back by a lender or seller from the buyer due to failure to make agreed payments.

Deficiency

The difference between the amount owed on a loan and the proceeds from the sale of the asset securing the loan, if the sale amount does not cover the loan balance.

Breach Of The Peace

An act that disturbs public tranquility or order.

Related Questions