Help!! Need Wholesale Assignment Legal Advice

[Gabriel Amedee]

Need contract help with sticky wholesale assignment dilemma. 

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Situation:

Buyer 1 signs assignment contract on Monday. Contract states deposit must be made within two business days. 

Buyer 2 was a backup offer that offered 5K too short of Buyer 1's offer. They then increased to 10K over the contracted offer on Tuesday, so we issued as backup.

Buyer 1 begins complaining to lower price and extend inspection period. I keep refuting and clarify I am not changing terms. On Wednesday (today) morning, I ask Buyer 1 if he plans to make deposit; I hear nothing from Buyer 1 for the rest of the day. 

 Buyer 2 calls and asks about property Wednesday (today) evening. With no word from Buyer 1, my partner sends him an assignment contract. The contract (with the same terms) is quickly sent back to us and thus executed.

Not even 30 minutes ago I receive a wire transfer notification from Buyer 1 sending their nonrefundable deposit. At first I was ecstatic till I was notified by my partner after of our two executed contract situation.

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The best case scenario, in my cluttered mind at the moment, would be that the second buyer does not turn in deposit and that contract falls out. It doesn't help that this is a great deal. 

Worst case scenario is Buyer 2 submits deposit in time. Not sure what I would do. Considered voiding contract of Buyer 1 because deposit was not sent within "two business days of execution." Contract was executed on Monday and deposit was wired around 9:30PM today. 

The legal definition of a business day is Florida is: 

“Business day” means that part of any day on which an institution is open to the public for carrying on substantially all its banking functions, trust functions, or transactions. A financial institution is deemed to be “closed” on any day, or any part of a day, when it is not open to the public for carrying on substantially all its banking functions, trust functions, and transactions."

Does this make sense? Can I say Buyer's 1 deposit is void because they submitted the deposit after hours of a financial institution's typical business hours? 

All help is extremely welcomed! Thank you in advance!

Gabe

[Wayne Brooks]

"contract signed on Monday".....Monday does not count as the first business day, Tuesday would be the first business day, and Wednesday the second business day.  Your buyer is in compliance.  Your partner was foolish to sign another contract.  

Wait a minute....was this actually "today", which is Tuesday the 20th, or was this last week?  If it was last week, and the wire was received after hours, not when you got the notification, then you can return his deposit, I'd say.