Final answer:
The question is about a land contract in business.
Step-by-step explanation:
The subject of this question is Business.
Joe wants to purchase property but does not have the cash to pay the $85,000. He contacts Harris, who purchases the property and offers it for sale to Joe for $98,000 on a land contract. A land contract is a type of seller financing, where the seller acts as the lender and allows the buyer to make payments over time.
In this case, Joe will make regular payments to Harris, typically including principal and interest, until the $98,000 is fully paid off. Once the contract is fulfilled, Joe will become the owner of the property.