Chegg Study Textbook Solutions Expert Q&A Study Pack Search home / study / business/ business statistics /business statistics solutions manuals /business law / 16th edition / chapter 18 /problem 5c Solutions We have solutions for your book! Problem 5PC: Chapter: CH18 - Problem: SPC- BUSINESS LAW by Chegg The Bassos contracted with Dierberg to purchase her property for $1,310,000. One term of the contract stated, "Ithe sale under this contract shall be closed... at the office of Community Title Company... on May 16, 1988 at 10:00 am.... Time is of the essence of this contract Alter forming the contract, the Bassos assigned their right to purchase Dierberg's property to Miceland Slonim Development Corp. At 10:00 am on May 16, 1988, Dierberg appeared at Community Title for dosing No representative of Miceland Slonim was there, nor did anyone from Micell and Slonim inform Dierberg that there would be any delay in the closing. At 10:20 am, Dierberg declared the contract null and void because the dosing did not take place as agreed, and she left the title company office shortly thereafter. Dierberg had intended to use the purchase money to close another contract to purchase real estate later in the day. At about 10:30 am, a representative of Miceli and Slonim appeared at Community Title to begin the closing, but the representative did not have the funds for payment until 130 pm. Dierberg refused to return to the title company, stating that Micell and Slonim had breached the contract by failing to tender payment on time. She had already made alternative arrangements to finance her purchase of other real estate to meet her obligation under that contract. Micell and Slonim sued Dierberg, claiming that the contract did not require closing exactly at 10:00 am, but rather some time on the day of May 16. Will they prevail? Business Law (16th Edition) Edit edition Problem 5PC from Chapter 18: The Bassos contracted with Dierberg to purchase her property Step-by-step solution: Get solutions Step 1 of 4 Breach of Contract: Breach of contract refers to legitimate cause of action, which is kind of a civil wrong. Under this, a binding agreement gets dishonored by one party because of the non performance of the other party Step 2 of 4