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Question: Charter agreed to buy property at a sale in which a mortgage held by Jamaica was being foreclosed upon. Charter gave a deposit of 10 percent of the purchase price. Before closing, Charter discovered that the title was flawed because of an open judgement affecting the property. The problem could not be solved prior to closing so Charter refused to complete the transaction and asked for the return of his deposit. Jamaica sued to force Charter to complete the deal. Was Charter correct? (Jamaica saving Bank v. Charter, New York 22 Misc 2d 569)

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Category:- Management Theories
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