Final answer:
The seller's inability to deliver possession of a property within the agreed timeframe allows both parties to cancel the agreement or adjust its terms from the date of actual possession.
Step-by-step explanation:
The question relates to the ability of a seller to deliver possession of a property to the buyer within the agreed timeframe. If the seller is unable to do so, due to reasons such as the property being lost, destroyed, or not vacated by prior residents, both the buyer and seller have the option to cancel the agreement.
This situation is outlined in the possession clause of a typical real estate contract. In the event that neither party opts to cancel the agreement, a prorated adjustment to the contract's terms can be applied from the date actual possession is available.