Question

Diana and Charles Windsor are considering purchasing a swimming pool. The representatives of Fun-in-the-Sun Pool arrange a meeting at the Windsor's home to discuss the price and draw up plans. The Windsors sign a contract for the pool for a price of $12,000 with payments of $3000 each month for the next four months while the pool is under construction. The Windsors also agree to pay a carrying charge for the payments of $250.00. Two days after signing the contract, the backhoe operator arrives ready to dig the pool, but Charles tells him the contract is off. The Windsors: a. have breached their contract and will be liable to Fun-in-the-Sun for damages. b. are protected by their three-day rescission rights under Regulation Z. c. do not have the three-day rescission rights since there are no monthly installment payments over a period of one year. d. none of the above

Answer 1

Option B (are protected by their three-day rescission rights under Regulation Z) is correct

Step-by-step explanation: