Question

A buyer entered into a contract with a seller to purchase the seller's farm. The contract of sale referred to the farm as containing 250 acres. The agreed-on price was $1 million. Before the date on which escrow was to close, the buyer learned from a surveyor he had hired that the farm actually contained 248 acres. On the date the sale was to close, the buyer instructed the escrow agent to release all but $8,000 of the purchase money because he was not getting what he bargained for. The seller refused to proceed with the sale. The buyer brings an action for specific performance and also seeks an $8,000 reduction of the agreed-upon contract price. What will be the probable outcome of the litigation?

Answer 1

Answer:

The buyer will win, if the court finds that the $8,000 reduction in price is a fair reflection of the title defect.

Explanation: