0324655223_121645 - Clarkson-11e: Case Problem with Sample...

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Clarkson-11e: Case Problem with Sample Answer Chapter 12: Consideration 12–6. Case Problem with Sample Answer As a child, Martha Carr had once visited her mother’s 108-acre tract of unimproved land in Richland County, South Carolina. In 1968, Betty and Raymond Campbell leased the land. Carr, a resident of New York, was diagnosed as having schizophrenia and depression in 1986, was hospitalized five or six times, and has since taken prescription drugs for the illnesses. In 1996, Carr inherited the Richland property and, two years later, contacted the Campbells about selling the land. Carr asked Betty about the value of the land, and Betty said that the county tax assessor had determined that the land’s agricultural value was $54,000. The Campbells knew at the time that the county had assessed the total property value at $103,700 for tax purposes. A real estate appraiser found that the real market value of the property was $162,000. On August 6, Carr signed a contract to sell the land to the Campbells for $54,000. Believing the price to be
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This note was uploaded on 08/25/2009 for the course BLAW 3000 taught by Professor Dianadalmy during the Spring '09 term at University of Colorado Denver.

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0324655223_121645 - Clarkson-11e: Case Problem with Sample...

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