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Property Keyed to French
Bryant v. Willison Real Estate Co.
Facts
On January 4, 1980, Wilson Real Estate Co. (Defendant) contracted with a buyer named Bryant (Plaintiff) to purchase a building. After signing the contract, Plaintiff made a deposit with the intention to pay the balance in full upon delivery of the deed. Before the deed was properly delivered a waterline in the building burst, which caused a large amount of damage. After a month for the repairs, Plaintiff sought rescission of the contract in an effort to obtain his original deposit. The defendants refused however they sold the building to a new buyer and still failed to return the deposit. Plaintiff then filed suit in an attempt to recover his deposit however the trial court applied the doctrine of equitable conversion. The doctrine of equitable conversion applies when a contract for sale fails to stipulate who bears the burden for assuming the risk of loss and the doctrine automatically places the burden on the buyer. Plaintiff appealed.
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