In consideration of $800 paid to him by Joyce, Hill gave Joyce a written option to purchase
Question:
In consideration of $800 paid to him by Joyce, Hill gave Joyce a written option to purchase his house for $80,000 on or before April 1. Prior to April 1, Hill verbally agreed to extend the option until July 1. On May 18, Hill, known to Joyce, sold the house to Gray, who was ignorant of the unrecorded option. Is there a contract between Joyce & Hill? Explain.
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No Consideration was paid to Hill for holding the property for the specified time subject to the rig...View the full answer
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Related Book For 
Essentials of Business Law and the Legal Environment
ISBN: 978-0324303957
9th edition
Authors: Richard A. Mann, Barry S. Roberts
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