You are an assistant to the attorney for Black Acre Holdings Company. discuss the legal issues and predicting the likely outcome of the case below: For several months, the Black Acre Holdings Company has been trying to acquire a large piece of land where they want to build a large luxury apartment complex. The land belongs to 99-year-old retired country singer Smokey Jones. A few years ago, Smokey wrote a will indicating that the land would pass to his grandson Billy Jones upon Smokey's death. Last month, Smokey met with the CEO of the Black Acre Holdings Company to discuss a deal for the land. During the meeting, after drinking several glasses of whiskey, Smokey verbally agreed to sell the land to the Black Acre Holdings Company for 50million dollars. The CEO was really excited because he believed the land is valued at a significantly higher price. After the meeting, the CEO stated that he would have the paperwork ready within 2 weeks and then Smokey and the CEO shook hands on it. However, two days later Smokey died before any documents were signed. A week after Smokey's death, the CEO came to see Billy about the land, trying to enforce the agreement he and Smokey had. However, Billy said to the CEO that he now wants to sell the land to Blue Acre, a competing company to the Black Acre Holdings Company, for 100 million dollars. Billy has already accepted $20,000 from Blue Acre in order to keep an offer open for 10 days for Blue Acre to buy the land at the stated price of 100 million dollars. In order to beat their competitors, before the expiration of the 10 days and before Blue Acre gave final confirmation to Johnny, the Black Acre Holdings Company offered 120 million dollars to Billy, which he immediately accepted and closed on the spot. Now, Blue Acre is suing Black Acre Holdings Company for ownership of the land.
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You are an assistant to the attorney for Black Acre Holdings Company. discuss the legal issues and predicting the likely outcome of the case below:
For several months, the Black Acre Holdings Company has been trying to acquire a large piece of land where they want to build a large luxury apartment complex. The land belongs to 99-year-old retired country singer Smokey Jones. A few years ago, Smokey wrote a will indicating that the land would pass to his grandson Billy Jones upon Smokey's death. Last month, Smokey met with the CEO of the Black Acre Holdings Company to discuss a deal for the land. During the meeting, after drinking several glasses of whiskey, Smokey verbally agreed to sell the land to the Black Acre Holdings Company for 50million dollars. The CEO was really excited because he believed the land is valued at a significantly higher price. After the meeting, the CEO stated that he would have the paperwork ready within 2 weeks and then Smokey and the CEO shook hands on it. However, two days later Smokey died before any documents were signed. A week after Smokey's death, the CEO came to see Billy about the land, trying to enforce the agreement he and Smokey had. However, Billy said to the CEO that he now wants to sell the land to Blue Acre, a competing company to the Black Acre Holdings Company, for 100 million dollars. Billy has already accepted $20,000 from Blue Acre in order to keep an offer open for 10 days for Blue Acre to buy the land at the stated price of 100 million dollars. In order to beat their competitors, before the expiration of the 10 days and before Blue Acre gave final confirmation to Johnny, the Black Acre Holdings Company offered 120 million dollars to Billy, which he immediately accepted and closed on the spot. Now, Blue Acre is suing Black Acre Holdings Company for ownership of the land.
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