Fram Signed a Contract to Sell His Home to Mills

question 12

Essay

Fram signed a contract to sell his home to Mills, with possession to be given on May 1. If Mills cannot obtain a mortgage by May 1 and the contract is silent about this, can Fram force Mills to close the transaction on May 1?

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Definitions:

Semiperipheral Nations

Countries in the world-system that are intermediate, neither fully developed nor least developed, often marked by moderate levels of industrialization and average per capita incomes.

Peripheral Nations

Countries that are less economically developed and often depend on core nations for capital and are exploited for labor and raw materials.

Globalization

Increased economic, political, and social interconnectedness and interdependence among societies in the world.

Per Capita GNI

A measure of a country's economic output that accounts for its number of people; it divides the gross national income by the population size.