Farrokh and Scheherezade Sharabianlou signed a purchase agreement to buy a building owned by Berenstein Associates for $ 2 million. They deposited $ 115,000 toward the purchase. Before the deal closed, an environmental assessment of the property indicated the presence of chemicals used in dry cleaning. This substantially reduced the property’s value. Do the Sharabianlous have a good argument for the return of their deposit and rescission of the contract? Explain your answer.
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