Jamil, a Prospective Purchaser of Real Estate, Visited His Lawyer

Essay

Jamil, a prospective purchaser of real estate, visited his lawyer with three completely executed agreements of purchase and sale, each for a different piece of real estate. Each offer was conditional upon "the purchaser being able to obtain $50,000 financing to his satisfaction within ten days at a rate of interest not exceeding 10%, failing which this offer is void." Financing of this type was easily available, over the counter, from any local bank for a person of Jamil's financial circumstances. Discuss the position that Jamil has found himself in, particularly if he should obtain such financing, informing one purchaser of his intention to proceed, and the other two that he could not obtain funds.