You situation as NY Bar Exam 2011 Question 1 subquestion (4)
see sample answer to question 1, section 4. Flood damage in a purchase contract. Looks like you can back out.
www.nybarexam.org/ExamQuestions/JULY2011QA.pdf
see sample answer to question 1, section 4. Flood damage in a purchase contract. Looks like you can back out.
www.nybarexam.org/ExamQuestions/JULY2011QA.pdf