Fred Contracts to Sell a Certain Tract of Land to Mary

question 41

Multiple Choice

Fred contracts to sell a certain tract of land to Mary for $20,000, but the contract is silent as to the time of delivery of the deed and payment of the price. In this case:

• A) the payment of the $20,000 and the delivery of the deed are independent of each other.
• B) the delivery of the deed is a condition subsequent to the payment of the $20,000.
• C) the payment of the $20,000 and the delivery of the deed are mutually dependent and, in the absence of an agreement to the contrary, are concurrent conditions.
• D) the payment of the $20,000 is a condition precedent to the delivery of the deed.

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Definitions:

Original Check

A document that is written, signed, and ready for use or deposit as payment.

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law of sales and other commercial transactions across American states.

Processing Checks

Involves the procedures and steps taken by banks or financial institutions to verify and complete the transaction of a written check.

Substitute Check

A digital reproduction of a paper check that is legally considered the same as the original for processing and payment purposes.