Jerry offered to buy vacant land for $500,000 with no contingencies. Financing for his planned shopping center falls through before closing. The contract is:

• A. Voidable
• B. Invalid
• C. Valid (not contingent on financing for the shopping center)
• D. Unenforceable

Answer: (C)

When a real estate contract has no financing contingency, it is binding and enforceable as written. In this case, the agreement to buy vacant land for $500,000 without any contingencies means the buyer’s obligation to close isn’t conditioned on obtaining financing. If financing for another project fails, that does not create a new condition that would void the land contract. The buyer would be expected to close, and if they cannot, they could be in breach and the seller could pursue remedies per the contract and state law. A voidable, invalid, or unenforceable result would require other factors not present here.