Assignment task:
Elizabeth entered into an enforceable written contract to sell her house to Geoffrey for $200,000. The contract provided that the closing would be on July 30 and that on that date Elizabeth would provide good and marketable title to the house free and clear of encrumbrances. On July 10, Elizabeth was notified by her insurance company that she had to renew her house policy by July 20 to maintain coverage for casualty loss including fires. Elzabeth immediately notified the insurance company that she would not renew. Thus, when the house was completely destroyed by a fire on July 25, the house was not insured against that loss. On July 30 Geoffrey refused to close on the sale and Elizabeth brought an action for specific performance of the contract. In this jurisdiction which has no applicable statute to govern the situation, the most probable result will be: A. Eizabeth prevails, but since the house was destroyed she is only entitled to receive the fair market vlaue of the land itself. B. Elizabeth prevails because the risk of loss is on Geoffrey under the doctrine of equitable conversion. C. Geoffrey prevails because since the house was destroyed, Elizabeth has nothing to "sell"