Ann offers to buy Beth’s land only if an appraiser estimates that its current value is more than a certain price. Later, the appraiser deems the worth of the land to be less than Beth’s price. Ann and Beth’s obligations .a. must still be performed. b. must now be renegotiated. c. are on "hold." d. are discharged.

b. Must now be renegotiated

Explanation:

Since the appraiser deems the worth of the land to be less than Berths price, Ann and Berths obligation must now be renegotiated. there are no rules on how to negotiate.

Berth can decide to reduce the price of the land. or stick to the offer price and Ann can decide to accept or cancel the contract. but ideally Berth would want to drop the price down to the appraised value. while Berth might be reluctant to reduce the price of the land, They can both decide to split the difference.  Berth can drop the price a bit and Ann can add cash to down payment. All this happens while renegotiating.

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