Question
14. Bob and Sue have a contract where Bob agrees to buy, and Sue agrees to sell, her house for $500,000. For no reason, Sue
14.Bob and Sue have a contract where Bob agrees to buy, and Sue agrees to sell, her house for $500,000. For no reason, Sue decides three minutes before the scheduled closing that she does not want to go through with the sale. Answer the following questions about these facts:
(a)Can Bob force Sue to sell? If so, what kind of remedy is this forced sale called?
(b)Assume that the contract says that in the event of a breach by other side, damages shall be set at $10,000.00. What can Bob do now? What kind of remedy is this?
(c)If Bob wanted the House because he planned on reselling it for a million dollar profit (Sue didn't know), could he then sue Sue for his lost profits? What are those lost profits called?Are they recoverable?Describe in detail.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started