Question

The vendor in a land sales contract in Oregon

I. retains equitable title as security for payment of the purchase price.
II. has only one legal remedy if the buyer defaults.
A) I only
B) II only
C) Both I and II
D) Neither I nor II

Answer 1

In a land sales contract in Oregon, the vendor retains equitable title as security for payment, and has legal remedies if the buyer defaults. Option C is correct.

Step-by-step explanation:

In a land sales contract in Oregon, the vendor retains equitable title as security for payment of the purchase price. This means that the vendor still has a legal interest in the property until the buyer fully pays for it. This serves as a form of security for the vendor.

If the buyer defaults on the contract, the vendor has the legal right to take legal action to enforce the terms of the contract and seek a remedy. This could include seeking damages or specific performance, which is a court order requiring the buyer to fulfill their obligations under the contract.