PA Bar Practice Questions - Pennsylvania Bar Examination Exam

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A buyer and seller sign a contract for the sale of land. Between signing and closing, the house is destroyed by fire through no fault of either party. Under the majority rule of equitable conversion, who bears the risk of loss?

The buyer, because equitable title passes to the buyer at the time of contract The seller, because the seller still holds legal title The risk is split equally between the parties The insurer alone, regardless of the contract

Correct Answer:

The buyer, because equitable title passes to the buyer at the time of contract

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