Most partnership agreements I've seen have an arbitration clause to avoid this. 

STR arbitrate is a job and still needs capital to furnish the units and f around.if you want to be in RE without 'investing' in it or owning it, get a job in it.

@Elina Solaita If there is no other time restriction on the notification, or conditions detailed elsewhere in the contract, which is odd because a buyer could invoke this the morning of closing, then it does seem clear cut.To my other point, the state realtor contracts typically have a Very Specific procedure in the event of a dispute ie. required mediation, then either binding arbitration if that fails or one party may have the right to go to court (not generally the best for anyone), clearly spelled out in the contract.

If there were a dispute over commission, the standard of practice in Wisconsin is first mediation and then if an agreement is not able to be made arbitration which would be binding.  

Also, the state of formation is likely where internal disputes would be brought among LLC members, so if you and a partner live in CA, you probably want to arbitrate in CA if the two of you had a disagreement.

@Vadim Lichtik If your concern is time, suing for non performance could last 2+ years in arbitration then court...

I'd call the escrow officer and ask, maybe they can tell you.As far as damages, in OR the usual PSA we use limits you to arbitration and then return of down. 

Seller could decide they want to sue or arbitrate for damages beyond EMD, and taking the EMD as liquidated damages ends all further litigation for more.  

It turns out the general contractor who is licensed, is actually a full time police officer and basically used his license to secure the job for his unlicensed friend.I have an arbitration agreement, but can not afford the prohibitively expensive fees.  

Although I don't do arbitrate, I do pay the utilities on 23 doors.