Question

Four months ago a seller accepted an offer from a buyer to purchase her home. The contract was in writing. Later, the seller refused to complete the transaction. Under the Statute of Limitations, so his right to sue does not "outlaw," the buyer must file an action within:

a. 1 month
b. 6 months
c. 1 year
d. 4 years

Answer 1

To initiate legal action against a seller for breaching a real estate contract, the buyer must typically file an action within a window provided by the Statute of Limitations, which often ranges from three to six years, with 4 years option(d) being a common period in many jurisdictions.

Step-by-step explanation:

The question concerns the period within which a buyer must initiate legal action against a seller who has breached a real estate contract. The Statute of Limitations for filing lawsuits varies depending on the jurisdiction and the type of contract.

Generally, for written contracts, many jurisdictions provide a Statute of Limitations that ranges from three to six years. However, it's crucial to consult the specific state laws as the period can vary widely. In the options provided (a) 1 month, b) 6 months, c) 1 year, and d) 4 years), the most likely correct answer for a breach of real estate contract would be d) 4 years, assuming it is following typical state laws.

Nonetheless, the buyer should consult a lawyer to determine the accurate limitation period in their jurisdiction.