Assume that you drafted the Agreement for Sale and Purchase, explained its contents to Kathie, and she signs the document. As part of the negotiation process you are required to present this offer to the vendor. INSTRUCTIONS: Scenario 1 (a) After going through the Agreement with the vendors, they are happy with the presented offer. What will be required now to create a legally binding contract between the purchaser and vendors? Scenario 2 (a) Explain the effect on the Agreement if the vendors do not accept the price offered and want to change it to a higher figure. Include in your answer a short explanation of the contract rule (principle) that applies. (b) Outline what you (the Licensee) must do to effect a fully executed agreement if the purchase price of the Agreement is changed to reflect the vendors' instructions. ?

Assume that you drafted the Agreement for Sale and Purchase, explained its contents to Kathie, and she signs the document. As part of the negotiation process you are required to present this offer to the vendor. INSTRUCTIONS: Scenario 1 (a) After going through the Agreement with the vendors, they are happy with the presented offer. What will be required now to create a legally binding contract between the purchaser and vendors? Scenario 2 (a) Explain the effect on the Agreement if the vendors do not accept the price offered and want to change it to a higher figure. Include in your answer a short explanation of the contract rule (principle) that applies. (b) Outline what you (the Licensee) must do to effect a fully executed agreement if the purchase price of the Agreement is changed to reflect the vendors' instructions