Essay
Essay Test 2
Sally contacts Ben by mail and lets him know that she wishes to place her property, “Easy Acres”, on the market. She notes that the real estate market in the country is on the rise and, therefore, she wants top dollar for her property. She reminds Ben that they spoke about his purchasing Easy Acres last year for a price of $50,000 for all 50 acres. Sally assures Ben that she can convey clear title to Easy Acres and states that she would prefer “all cash”.
Ben writes back to Sally a letter indicating his interest in purchasing Easy Acres for $1,200 per acre or a total price of $60,000, “all cash,” but says that he needs to hear from her about timing for the sale. Ben’s letter states, “I don’t know whether I can get the money or how fast, but if you have a real interest I selling at this price, I will start looking.”
Sally faxes back to Ben: “Accept your offer for Easy Acres, $60,000, all cash.
Ben is now afraid the $1,200 per acre is too high. He does not think that he and Sally have a contract.
Sally and Ben enter into a written agreement for the purchase of real property. They communicated through mail and fax on a purchase price of $60,000 “in cash”. However, Ben does not think a contract exist between him and Sally. While discussing the elements of a valid contract, I will explain how likely it is that the parties do not have a contract.
In order to have a valid contract, contractual intent must be present. There must be a meeting of the minds before an agreement can be deemed to be an enforceable contract. There must be genuineness of assent in order for a binding contract to exist. I don’t believe the contractual intent was present from the beginning. Ben’s thoughts of the contract not existing between him and Sally created some doubt of his genuineness. Thus, to be enforceable, the Statute of Frauds requires that contracts for the transfer of real property must be in writing. The requirement that deeds be in writing
Sally contacts Ben by mail and lets him know that she wishes to place her property, “Easy Acres”, on the market. She notes that the real estate market in the country is on the rise and, therefore, she wants top dollar for her property. She reminds Ben that they spoke about his purchasing Easy Acres last year for a price of $50,000 for all 50 acres. Sally assures Ben that she can convey clear title to Easy Acres and states that she would prefer “all cash”.
Ben writes back to Sally a letter indicating his interest in purchasing Easy Acres for $1,200 per acre or a total price of $60,000, “all cash,” but says that he needs to hear from her about timing for the sale. Ben’s letter states, “I don’t know whether I can get the money or how fast, but if you have a real interest I selling at this price, I will start looking.”
Sally faxes back to Ben: “Accept your offer for Easy Acres, $60,000, all cash.
Ben is now afraid the $1,200 per acre is too high. He does not think that he and Sally have a contract.
Sally and Ben enter into a written agreement for the purchase of real property. They communicated through mail and fax on a purchase price of $60,000 “in cash”. However, Ben does not think a contract exist between him and Sally. While discussing the elements of a valid contract, I will explain how likely it is that the parties do not have a contract.
In order to have a valid contract, contractual intent must be present. There must be a meeting of the minds before an agreement can be deemed to be an enforceable contract. There must be genuineness of assent in order for a binding contract to exist. I don’t believe the contractual intent was present from the beginning. Ben’s thoughts of the contract not existing between him and Sally created some doubt of his genuineness. Thus, to be enforceable, the Statute of Frauds requires that contracts for the transfer of real property must be in writing. The requirement that deeds be in writing