Fred contracts to sell a certain tract of land to Mary for $20,000, but the contract is silent as to the time of delivery of the deed and payment of the price.In this case:
A) the payment of the $20,000 is a condition precedent to the delivery of the deed.
B) the payment of the $20,000 and the delivery of the deed are mutually dependent and, in the absence of an agreement to the contrary, are concurrent conditions.
C) the payment of the $20,000 and the delivery of the deed are independent of each other.
D) the delivery of the deed is a condition subsequent to the payment of the $20,000.

Question

Quizplus · Accepted Answer

In contracts involving the sale of land, when the contract does not specify the timing of payment and delivery of the deed, the law assumes that these obligations are concurrent conditions. This means that the seller is not obligated to deliver the deed until the buyer pays the purchase price, and vice versa, the buyer is not obligated to pay the purchase price until the seller is ready to deliver the deed. This mutual dependency ensures that both parties fulfill their obligations simultaneously.

Fred Contracts to Sell a Certain Tract of Land to Mary