It depends, but contracts often provide for such a remedy. For example, a real estate agreement of sale might require a buyer to obtain financing or close within a certain time period, and give the seller the right to terminate the contract if the buyer does not perform. To answer your question definitively, an attorney would need more information about the facts of your situations, and probably to see the written agreement between the buyer and seller.
As Mr. Latta (whose family I know) says everything depends on the contract. I review agreements of sale every day. If you want to e-mail the document to me I will look at it and my paralegal will give you my quick answer. If it needs a long answer she will discuss fees.
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