.A retired businessman who owned a track of land was approached by a real estate agent, who is interested to buy his land. The purchase price offered by the agent was above the prevailing fair market value (FMV). The agent wants to develop the land into a commercial area and sell it to the public. The agent discussed the terms and conditions of the deed of sale in detail to the businessman, and the businessman agreed to the deal. Last year, the businessman was diagnosed of dementia by his family doctor, and the agent though was aware of it. Was a contract of sale formed? If yes, is it enforceable? Please state your reasons.
1.A retired businessman who owned a track of land was approached by a real estate agent, who is interested to buy his land. The purchase price offered by the agent was above the prevailing fair market value (FMV). The agent wants to develop the land into a commercial area and sell it to the public. The agent discussed the terms and conditions of the deed of sale in detail to the businessman, and the businessman agreed to the deal. Last year, the businessman was diagnosed of dementia by his family doctor, and the agent though was aware of it.
Was a contract of sale formed? If yes, is it enforceable? Please state your reasons.
2. Jacky invited her friend, Lourdes, to her house. Lourdes has a beautiful sport car and Jacky is interested and offered to purchase it at a prevail market price or FMV, but Lourdes rejected her offer. Jacky offered Lourdes a bottled of vodka. When Lourdes consumed so much of it, she feels dizziness. Jacky took advantage and offered again to purchase her sport car and, this time, with a copy of bill of sale and ready for signature. The bill of sale was, indeed, signed.
Was a contract of sale formed? If yes, is it enforceable? Please state your reasons.
Note: As per bartleby guidelines in case multiple questions are asked by the students then the expert is required to answer only first question. Please repost other questions again.
In this legal scenario, we have a retired businessman who has agreed to sell a plot of property to a real estate agent. The agent proposed a purchase price that was more than the fair market value, with the goal of developing the site for commercial purposes. Despite being diagnosed with dementia, the businessman agreed to the agreement following a thorough discussion of the sale terms with the agent. The major issues are whether a contract of sale was created and, if so, whether it is enforceable in light of the businessman's dementia diagnosis.
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