question archive 1) Juan entered in an oral contract to buy Luke’s vacant building for $50,000
1) Juan entered in an oral contract to buy Luke’s vacant building for $50,000
Subject:ManagementPrice:4.87 Bought7
1) Juan entered in an oral contract to buy Luke’s vacant building for $50,000. He gave Luke a $5,000deposit. They intended to reduce their agreement to a wri±en contract la±er. Pursuant to theiroral agreement, Juan took possession of the building and spent $30,000 making improvementsso that it would be capable of being rented to the public. Due to rise in the value of similarproper²es, Luke served Juan with a no²ce to vacate the building. Luke contends that the oralcontract is unenforceable and that Juan must vacate the building. Is Luke correct?Please explain.
2.Bronx Community College has decided to terminate Professor Canals. The College sends a le±eroFering him $50,000 provided the Professor would sign a ³ull release giving up all claims hemight have against the College. Professor Canals signed it and out it in the nearest mailbox.When he got home, he received a check from the College for $50,000. Professor Canals wentback to the mailbox and got a mailman to give him back his le±er. He now wants to sue theCollege Claiming he never accepted the oFer.Is there a valid contract here? Please explain.
3.You own a grocery store and are looking to enter into an agreement with a wholesaler of fruitsand vegetables. You write to the wholesaler oFering to buy 100 cases of tomatoes, 100 cases ofbananas and 100 cases of pineapples, payable on delivery 30 days from today.Wholesaler writes we accept your oFer and adds interested at 5% for unpaid balances?Is there a valid contract? Explain.
