Baron contracted in writing to purchase a piece of land from Weil for $35,000. Before the sale was completed, Weil died. Must Weil's executor go through with the sale?
Baron contracted in writing to purchase a piece of land from Weil for $35,000. Before the sale was completed, Weil died. Must Weil's executor go through with the sale?
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Baron contracted in writing to purchase a piece of land from Weil for $35,000. Before the sale was completed, Weil died. Must Weil's executor go through with the sale?
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Step 1
The answer to the question of whether Weil’s executor must go through with the sale depends on the terms of the contract between Baron and Weil. If the contract between Baron and Weil was an executory contract, meaning that the sale was not yet completed, then the contract will not be binding on Weil’s executor. Executory contracts are generally not binding on a person’s estate after they pass away, unless the executor specifically agrees to honor the contract or it is otherwise provided in the deceased’s will.
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