Ontario Barrister and Solicitor Practice Exam

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What remedy is available to the seller if W is having difficulty obtaining financing to purchase land for a museum?

Force the buyer to sell other assets
Repudiation of the agreement
Wait indefinitely for financing
Offer personal financing

The correct answer is: Repudiation of the agreement

If the buyer is having difficulty obtaining financing, the seller can choose to repudiate or cancel the agreement. This means that the contract between the buyer and seller is terminated and the seller is not obligated to continue with the sale. Option A is incorrect as it would force the buyer to sell other assets, which may not be necessary or feasible. Option C is also incorrect as the seller cannot wait indefinitely for financing as it may have negative consequences for the seller. Option D may not be a viable option for the seller as it involves risking their own personal finances. Therefore, the best solution for the seller in this scenario is to choose option B, repudiation, which allows the seller to terminate the agreement and potentially find another buyer.