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question
After retiring from a long career in education, a teacher decided to leave the city and move to a community in the mountains. She began looking for a home to purchase in the mountain community. She found one suitable location offered for sale by the owner. The asking price for the home was
$100,000. Although the teacher was very interested in purchasing the home, she told the owner that she was not sure it would fit within her budget. The owner the grabbed a piece of paper and wrote the following:"December 1In consideration of one dollar, receipt of which is acknowledged, I hereby offer to sell to you my home for $100,000. This offer shall remain open until 4:00 p. m. December 30. " The owner then signed the paper and handed it to the teacher, who left without paying the $1. On December 15, the owner sent the teacher a letter in which the owner stated, "Please be advised that I am hereby withdrawing my offer to sell you my home. " This letter was received and read by the teacher on December 16. The next day, the teacher tendered a cashier's check to the owner in the amount of $100,001 (which included the 1 consideration) and demanded a deed of conveyance to the property. The owner refused to accept the cashier's check. The teacher has now brought suit against the owner for specific performance. In her pleadings, the teacher admits that the recited $1 was not in fact paid to the owner when their written agreement was executed. Assume the teacher lives in a jurisdiction that follows the Restatement of Contracts. As a result, which of the following is the teacher's best argument that such failure of payment does not bar her claim to specific performance?Plain-text mathematical notation (without MathML)
After retiring from a long career in education, a teacher decided to leave the city and move to a community in the mountains. She began looking for a home to purchase in the mountain community. She found one suitable location offered for sale by the owner. The asking price for the home was $100,000. Although the teacher was very interested in purchasing the home, she told the owner that she was not sure it would fit within her budget. The owner the grabbed a piece of paper and wrote the following:"December 1In consideration of one dollar, receipt of which is acknowledged, I hereby offer to sell to you my home for $100,000. This offer shall remain open until 4:00 p. m. December 30. " The owner then signed the paper and handed it to the teacher, who left without paying the $1. On December 15, the owner sent the teacher a letter in which the owner stated, "Please be advised that I am hereby withdrawing my offer to sell you my home. " This letter was received and read by the teacher on December 16. The next day, the teacher tendered a cashier's check to the owner in the amount of $100,001 (which included the 100,000purchasepriceplusthe1 consideration) and demanded a deed of conveyance to the property. The owner refused to accept the cashier's check. The teacher has now brought suit against the owner for specific performance. In her pleadings, the teacher admits that the recited $1 was not in fact paid to the owner when their written agreement was executed. Assume the teacher lives in a jurisdiction that follows the Restatement of Contracts. As a result, which of the following is the teacher's best argument that such failure of payment does not bar her claim to specific performance?
Original LaTeX notation
After retiring from a long career in education, a teacher decided to leave the city and move to a community in the mountains. She began looking for a home to purchase in the mountain community. She found one suitable location offered for sale by the owner. The asking price for the home was $100,000. Although the teacher was very interested in purchasing the home, she told the owner that she was not sure it would fit within her budget. The owner the grabbed a piece of paper and wrote the following:"December 1In consideration of one dollar, receipt of which is acknowledged, I hereby offer to sell to you my home for $100,000. This offer shall remain open until 4:00 p. m. December 30. " The owner then signed the paper and handed it to the teacher, who left without paying the $1. On December 15, the owner sent the teacher a letter in which the owner stated, "Please be advised that I am hereby withdrawing my offer to sell you my home. " This letter was received and read by the teacher on December 16. The next day, the teacher tendered a cashier's check to the owner in the amount of $100,001 (which included the $100,000 purchase price plus the $1 consideration) and demanded a deed of conveyance to the property. The owner refused to accept the cashier's check. The teacher has now brought suit against the owner for specific performance. In her pleadings, the teacher admits that the recited $1 was not in fact paid to the owner when their written agreement was executed. Assume the teacher lives in a jurisdiction that follows the Restatement of Contracts. As a result, which of the following is the teacher's best argument that such failure of payment does not bar her claim to specific performance?
choices
- The recited consideration was only a sham pretense of bargained-for consideration, and was therefore de minimis and of no legal significance.
- The teacher's inclusion of the $1 in her tendered check on December 17 was a timely cure of an immaterial breach of a bilateral real estate option contract.
- By promising to hold the offer open until December 30 in a signed writing, the owner could not revoke the offer prior to December 30.
- The written instrument embodied a proposal for a fair exchange within a reasonable time period and was therefore an enforceable option contract, regardless of whether the nominal consideration recited was bargained for or paid.
subject
professional_law
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