Jacqueline listed her home for $200 000.She received six offers to purchase,all with a closing date of April 1.She accepted the unconditional offer,though it was $3000 less than the highest offer of $246 000.The purchasers abandoned the deal on March 27.Jacqueline received an unsolicited offer that was $10 000 over the original asking price.She accepted that offer with a closing date of May 15.With respect to the first accepted offer,what remedy,if any,is available to Jacqueline?

Question

Jacqueline listed her home for $200 000.She received six offers to purchase,all with a closing date of April 1.She accepted the unconditional offer,though it was $3000 less than the highest offer of $246 000.The purchasers abandoned the deal on March 27.Jacqueline received an unsolicited offer that was $10 000 over the original asking price.She accepted that offer with a closing date of May 15.With respect to the first accepted offer,what remedy,if any,is available to Jacqueline?

Quizplus · Accepted Answer

The remedy available to Jacqueline is $33,000 in damages for contractual breach. Although the highest offer was $246,000, Jacqueline accepted the unconditional offer for $3,000 less at $243,000. This constituted a legally binding agreement between Jacqueline and the purchasers, with a closing date of April 1. However, when the purchasers abandoned the deal on March 27, they breached the contract. Thus, Jacqueline is entitled to damages for this breach, which would be the difference between the accepted offer of $243,000 and the unsolicited offer of $253,000 ($253,000 - $243,000 = $10,000) that Jacqueline accepted later on, which equals $10,000 plus the initial difference of $3,000, totaling to $33,000. Therefore, the best choice is option C.

Jacqueline Listed Her Home for $200 000