1. Seller and Buyer negotiate for the sale of 100 acres of land. They orally agree on a price of $100,000, one half in cash at closing and the other half 90 days after closing. Buyer sends Seller a letter in which all the terms are included and is signed by Buyer. Seller never responds. When the closing date arrives, Seller refuses to transfer title. Buyer sues. Is the agreement enforceable at law? 2. Seller and Buyer negotiate for the sale of 100 acres of land. They orally agree on a price of $100,000, with payment to be made within 10 days and the deed delivered within another 30 days. Buyer sends Seller a letter in which all these terms are included, along with a check for $100,000 that Seller deposits. Seller fails to deliver a deed, and Buyer seeks to enforce the contract. Is the contract enforceable? 3. John is president and sole shareholder of Photo, Inc. Photo, Inc. wishes to borrow money, but to do so, the bank requires John to orally guarantee to repay the loan if Photo, Inc. cannot. Examine the validity of John’s oral guarantee. 4. Sarah agrees to paint John’s house for $5,000. After Sarah finishes the job, John complains that it was not done correctly. After much discussion, they agree that the contract will be satisfied if John gives Sarah $4,000 and a certain diamond necklace. What are the vitiating factors of this case?
1. Seller and Buyer negotiate for the sale of 100 acres of land. They orally agree on a price of $100,000, one half in cash at closing and the other half 90 days after closing. Buyer sends Seller a letter in which all the terms are included and is signed by Buyer. Seller never responds. When the closing date arrives, Seller refuses to transfer title. Buyer sues. Is the agreement enforceable at law?
2. Seller and Buyer negotiate for the sale of 100 acres of land. They orally agree on a price of $100,000, with payment to be made within 10 days and the deed delivered within another 30 days. Buyer sends Seller a letter in which all these terms are included, along with a check for $100,000 that Seller deposits. Seller fails to deliver a deed, and Buyer seeks to enforce the contract. Is the contract enforceable?
3. John is president and sole shareholder of Photo, Inc. Photo, Inc. wishes to borrow money, but to do so, the bank requires John to orally guarantee to repay the loan if Photo, Inc. cannot. Examine the validity of John’s oral guarantee.
4. Sarah agrees to paint John’s house for $5,000. After Sarah finishes the job, John complains that it was not done correctly. After much discussion, they agree that the contract will be satisfied if John gives Sarah $4,000 and a certain diamond necklace. What are the vitiating factors of this case?
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