Question

Broker Joe has a listing for a distressed seller. He finds a buyer for the property who enters into a contract for purchase. Ten-days prior to closing, the seller calls Joe to share that he has had to file for bankruptcy. This filing may:

Answer 1

In this situation when the seller has filed for bankruptcy then Broker Joe has to terminate the contract. Therefore, Option B is the correct statement.

What do you mean by contract?

A legally enforceable agreement that creates, defines, and regulates mutual rights and obligations between its parties is called a contract.

An agreement usually involves the exchange of goods, services, money, or the promise to change any of these at a later date.

Therefore, Option B is the correct statement.

Learn more about contract here:

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