Question 18Smith and Benson make an oral contract for the sale of land at a price of$500,000. After paying Smith $400,000 of the purchase price, Benson takespossession of the land. One month later, Smith wants to boot Benson off the land.His argument is that the parties' oral agreement is unenforceable under the statuteof frauds. Which of the following is most correct?OSmith is correct, because the contract is for an amount greater than $500O Smith is correct, because this is an oral contract for the sale of real estateO Smith is incorrect, because the contract is for an indefinite period of timeO Smith is incorrect, because Benson paid part of the purchase price and took possession

In this scenario, Smith and Benson entered into an oral contract for the sale of land, with Benson…

Answered: Question 18 Smith and Benson make an…

Similar questions

In a written contract, Sheldon agreed to tutor the children of Mrs. Smith for a certain period of time. However, Sheldon, prior to starting classes, announced that he would not be able to tutor the children due to other commitments of his. In this case, there has been a(n): rescission. negligent breach. anticipatory breach. O malpractice.
Quasi Contracts. Chad Parker owned an acre of property and a mobile home on that property. Hesold the mobile home to David and Allison Wilson for $1,000 and sold the property to them for$10,000. These agreements were made orally. No title or deed transfers took place. The Wilsonslived in the mobile home for seven years, making $11,228.19 of improvements to the structureand to the property. After a falling out between Chad and David, Chad had the Wilsons evictedand moved back into the mobile home. Because there was no written contract between theparties, could Chad therefore legally evict the Wilsons and legally move back into the mobilehome?
Owe
Wolcott and Sarah, both merchants and residents of Gainesville, Florida, aspire to enter into a contract with each other for the sale/purchase of goods. After Wolcott makes an offer to Sarah, Sarah responds with a written confirmation of acceptance; however, this written confirmation of acceptance states additional terms that are not present in Wolcott's offer. Nevertheless, Wolcott's offer did not expressly limit acceptance to the terms of his offer and Sarah's additional terms do not materially alter Wolcott's offer. If Wolcott does not give notification of objection to Sarah's terms within a reasonable time, which of the following will occur? O Due to the Mirror Image Rule, a contract is not founded until both Wolcott and Sarah agree to the same exact terms. ODue to Wolcott's failure to give notification of objection to Sarah's terms within a reasonable time, Sarah's terms will become part of the contract. O Sarah's additional terms constitute a rejection of Wolcott's offer and…
A contract forms when one person makes an offer, and another person accepts it by communicating their assent or performing the offer’s terms. If the terms are certain, and the parties can be presumed from their behavior to have intended that the terms are binding, generally the agreement is enforceable. While agreement is the basis for all contracts not all agreements are enforceable. A preliminary question is whether the contract is reasonably certain in its essential terms, such as price, subject matter and the identity of the parties. Provide: An Introduction and a conclusion A critical discussion on the concepts of what is an offer, inclusive of the various requirements of an effective and valid offer, with five (5) landmark supporting cases. How can an offer be affected where the terms are not clear? Critically discuss with three (3) landmark cases.
Alan’s real estate broker suggested that he use a quitclaim deed to sell his super cool Brentwood condo so that the buyer would: Be the grantor under the deed and have full recourse against the seller for any title related claims Acquire only the legal interest in the property that Alan previously held Know that all prior mortgages, liens, and other encumbrances had either been reconveyed or removed from the property’s title Receive assurance that the property was free from any title defects
Evaluate when a promise is enforceable, the elements of a contract, performance, and the remedies available in the event of breach.
In September, Amina hired Bryan as a delivery man. Bryan was to commence work on 1 November. On 1 October, Amina wrote to Bryan telling him that, despite their agreement, economic circumstances were such that she no longer required his services. Can Bryan sue Amina? Explain your answers in light of the principles learned on breach of contract.
What is the definition of consideration and what general principles apply to its presence in contracts? Define promissory estoppel.
Xavier and Adam enter into a written contract for the sale of DJ equipment. Their contract states that risk of loss shall pass to the buyer at the time the contract is signed. Since this is contrary to Article 2 of the UCC, this clause is unenforceable. True False
State the effect of illegality on a contract.
On May 1, Melforth Realty Company offered to sell Greenacre to Dallas, Inc., for $1 million. The offer was made by a letter sent by overnight delivery and stated that the offer would expire on May 15. Dallas decided to purchase the property and sent a letter by registered first-class mail to Melforth on May 10, accepting the offer. Due to unexplained delays in the postal service, Melforth did not receive the letter until May 22. Melforth wishes to sell Greenacre to another buyer, who is offering $1.2 million for the tract of land. Has a contract resulted between Melforth and Dallas?

SEE MORE QUESTIONS