Myra agrees to sell Connie her house for $250,000.00. The next day, a tornado destroys the house. Will either party be bound by the terms of the contract?
A) No because the contract becomes impossible due to the destruction of the subject matter.
B) No because the contract becomes impractical due to the destruction of the subject matter.
C) No unless both parties agree to rescind the contract.
D) Yes, however out of fairness the courts will allow additional time to repair the house.
Correct Answer:
Verified
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