53.7k views
9 votes
Agent Sam has a purchase agreement to buy a house from Mr. Smith for $100,000. Agent Sam and Mr. Smith agree to new terms including a price of $102,000. and sign a new agreement to replace the old one. Then Agent Sam sells the right to buy the house for $102,000. to Mr. Jones who will go to the Act of Sale and actually buy it. What are two legal concepts that have occurred

User Ayhan
by
7.0k points

1 Answer

9 votes

Answer:

1. The substitution of a new contract for an old one.
2. The new agreement extinguishes the rights and obligations

User Zongshiwujie
by
6.3k points