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algol13
2 years ago
8

Jim and Evan enter into a real estate contract. The contract allows Evan to get a mortgage at 5% interest. But after due diligen

ce, Evan can only get a mortgage at 8% interest. What will happen to the real estate contract
Business
1 answer:
Lina20 [59]2 years ago
3 0

Since Evan can only get a mortgage at 8% interest instead of at 5%, the real estate contract suffers <u>termination by contingency</u>.

<h3>What is a contingency?</h3>

A contingency in a real estate contact is a term that is required to happen before its closing.  

Thus, termination by contingency will allow Jim to terminate the contract without consequences.

Learn more about termination by contingency at brainly.com/question/19567994

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