Utah law- Financial Responsibility

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    • #6859
      Erica Stoddard
      Participant

      On the quiz, the answer to # 11 is B- 4 days. Is the reason it’s 4 not 3 because it didn’t specify the word BUSINESS days and so we should assume it means calendar days?
      Thank you

    • #6860
      Erica Stoddard
      Participant

      Also, the answer to # 10 is A- get their earnest money back and an equal amount as liquidated damages. I know they get their earnest money back but I did not read or hear the teacher talk about liquidated damages…..

    • #6868
      Brian Swan
      Keymaster

      Hi Erica, 

      The 4 day rule is because the REPC specifies 4 calendar days in the very first paragraph. Under the law, earnest money must be deposited in 3 calendar days unless the contract specifies otherwise. We know the REPC so stipulates; thus, it is 4 days in that question.

      Secondly, if you look at Section 16 of the REPC, the earnest money is liquidated damages. In the event of the seller breaching, the buyer gets their earnest money back and an amount equal to the earnest money.

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