Chapter 14 Assignment - acceptance of any documents which...

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Kathleen Basurto 4/19/2016 Business Law-2211-NET04 Instructor – Susan Horn Case 14.1 – Statute of Frauds Question 1: When the new owner refused to sell the Rudd Mountain lot to Hoffman and Frey, they brought this action for specific performance of the oral contract. Who wins? The new owner wins. The Statute of Frauds dictates that any transfer of property be contracted in writing. The letter that Hoffman sent to confirm the oral agreement, although it contained some of the terms, did not include the date that the final payment would be made, therefore could not be construed as an agreement. Had the letter contained explicit information such as the number of payments to be made and the amount of the payments, it could have been used as a memorandum. In addition, Sun Valley never completed the execution, nor did they sign
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Unformatted text preview: acceptance of any documents which would have made the oral contract enforceable. Case 14.3 – Sufficiency of a Writing Question 1: Knight argued in defense that the handwritten memorandum was not enforceable because it did not satisfy the Statute of Frauds. Is he correct? No, he is not correct. The handwritten memorandum contained all of the essential terms that are needed for the Statute of Frauds which include the name of what is being sold, the price and the parties involved. Since all parties initialed acceptance and understanding on the memorandum, it would prove to be sufficient and an enforceable contract according to the Statute....
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