Question

The seller of a residential property was holding an open house. A potential buyer stopped by the open house, and instantly fell in love with the property. The buyer made the seller an oral offer on the house, and the seller instantly accepted it. The parties shook hands and planned to meet later in the week to sign a contract for the sale. The following day, the buyer accepted an offer for the sale of her own house, which she had been putting off until she found a new house to move into. Shortly thereafter, the seller received a higher offer on the house. The seller called the buyer, and said that the deal was off. The buyer sued the seller for breach of contract and sought specific performance. Is the buyer likely to succeed in his claim?A. No, because the Statute of Frauds requires a land sales contract to be in writing.B. No, because the seller repudiated before the time for performance had passed.C. Yes, because the buyer sold her own house.D. Yes, because the property was residential property.

Answer 1

Answer: The buyer is likely to succeed in his claim because the buyer sold her own house.

Land sales agreement generally are written,and therefore subscribed by the organization, and incorporate all the necessary terms, in order for this to be enforceable. However, if there is no written agreement involved, a organization may be worthy to specific performance if they have noxiously relied on oral contract.