Contract Questions

By adding the conventional mortgage language above

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Unformatted text preview: absence of a genuine bargain Because it is unliquidated 565. Wilcox mailed Norriss an unsigned contract for the purchase of a tract of real property. The contract represented the oral understanding of the parties as to the purchase price, closing date, type of deed, and other details. It called for payment in full in advance or certified check at the closing. Norriss signed the contract, but added above his signature the following: This contract is subject to my (Norriss) being able to obtain conventional mortgage financing of $100,000 at 13% or less interest for a period of not less than 25 years. Which of the following is correct? a. b. c. d. The parties had already made an enforceable contract prior to Wilcox’s mailing of the formalized contract. Norriss would not be liable on the contract under the circumstances even if he had not added the “conventional mortgage” language since Wilcox had not signed it. By adding the “conventional mortgage” language above his signature, Norriss created a conditio...
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This test prep was uploaded on 03/29/2014 for the course BUL 3130 taught by Professor Schupp during the Fall '12 term at UNF.

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