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MMLU / A developer wished to build an apartment house in a local city. He raised …
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A developer wished to build an apartment house in a local city. He raised 200,000. He then spent 850,000 to build the apartment house, the developer realized he would need to raise another 100,000. The investor was apprehensive about the project because the developer had not yet lined up a construction firm to build the apartment house. As a result, the parties signed the following written agreement:"The investor promises to lend to the developer 850,000. Loan to be repaid at the rate of
$1,000 per month, starting one month after the completion of the apartment house. The loan is to be secured by a mortgage on the property. "The developer then contracted with a construction company to build the apartment for $800,000. After the contract was signed and construction had begun, the developer asked the investor when he would be receiving the $100,000 the investor promised to lend him. The investor replied, "I've changed my mind. I think this is too risky an investment. I'm not going to lend you the money. "In an appropriate action to secure specific performance of the investor's promise to lend him the $100,000, the developer willPlain-text mathematical notation (without MathML)
A developer wished to build an apartment house in a local city. He raised 1millionfromvarioussourcestofundtheproject.Aftersearchingforavacantlotthatwouldbesufficientfordevelopment,thedeveloperconcludedthattherewasnotasuitablevacantlotavailable.Reluctantly,thedeveloperconcludedthathewouldhavetopurchaseadevelopedlot,havetheexistingstructuresremoved,andthenbuildtheapartmenthouse.Thedeveloperwasreluctanttodothis,becausehehadnotbudgetedfortheadditionalcostofbuyingadevelopedpropertyandremovingthedevelopment.Afterasearchforanappropriateparcel,thedeveloperpurchasedalargelot,developedwithasingle−storyresidentialhome,for200,000. He then spent 50,000havingtheresidentialhomeremovedfromthelot.Knowingthatitwouldcostapproximately850,000 to build the apartment house, the developer realized he would need to raise another 100,000.Heapproachedaninvestoraboutlendinghim100,000. The investor was apprehensive about the project because the developer had not yet lined up a construction firm to build the apartment house. As a result, the parties signed the following written agreement:"The investor promises to lend to the developer 100,000at5percentinterestwithin30days,providedthedevelopercontractswithaconstructioncompanytobuildtheapartmenthousefornomorethan850,000. Loan to be repaid at the rate of $1,000 per month, starting one month after the completion of the apartment house. The loan is to be secured by a mortgage on the property. "The developer then contracted with a construction company to build the apartment for $800,000. After the contract was signed and construction had begun, the developer asked the investor when he would be receiving the $100,000 the investor promised to lend him. The investor replied, "I've changed my mind. I think this is too risky an investment. I'm not going to lend you the money. "In an appropriate action to secure specific performance of the investor's promise to lend him the $100,000, the developer will
Original LaTeX notation
A developer wished to build an apartment house in a local city. He raised $1 million from various sources to fund the project. After searching for a vacant lot that would be sufficient for development, the developer concluded that there was not a suitable vacant lot available. Reluctantly, the developer concluded that he would have to purchase a developed lot, have the existing structures removed, and then build the apartment house. The developer was reluctant to do this, because he had not budgeted for the additional cost of buying a developed property and removing the development. After a search for an appropriate parcel, the developer purchased a large lot, developed with a single-story residential home, for $200,000. He then spent $50,000 having the residential home removed from the lot. Knowing that it would cost approximately $850,000 to build the apartment house, the developer realized he would need to raise another $100,000. He approached an investor about lending him $100,000. The investor was apprehensive about the project because the developer had not yet lined up a construction firm to build the apartment house. As a result, the parties signed the following written agreement:"The investor promises to lend to the developer $100,000 at 5 percent interest within 30 days, provided the developer contracts with a construction company to build the apartment house for no more than $850,000. Loan to be repaid at the rate of $1,000 per month, starting one month after the completion of the apartment house. The loan is to be secured by a mortgage on the property. "The developer then contracted with a construction company to build the apartment for $800,000. After the contract was signed and construction had begun, the developer asked the investor when he would be receiving the $100,000 the investor promised to lend him. The investor replied, "I've changed my mind. I think this is too risky an investment. I'm not going to lend you the money. "In an appropriate action to secure specific performance of the investor's promise to lend him the $100,000, the developer will
choices
- win, because there is a memorandum that satisfies the Statute of Frauds.
- win, because land is unique, making the legal remedy inadequate.
- lose, because the developer's only remedy is for damages.
- lose, because the developer cannot show detrimental reliance.
subject
professional_law
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