Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Benito Brino owned real property that he leased to Salvatore and Linda Gabriele. During the lease, the Gabrieles attempted to purchase the property from Brino.

"Benito Brino owned real property that he leased to Salvatore and Linda Gabriele. During the lease, the Gabrieles attempted to purchase the property from Brino. Both parties agreed on a purchase price of $565,000 with a closing date of September 15, 2001. However, the Gabrieles were not able to obtain the full amount in loan financing from the bank, so they made a counteroffer to purchase for $450,000, which Brino rejected. The Gabrieles later obtained the full $565,000 from another lending institution and drafted an addendum to the July sales agreement that altered the closing date to May 5, 2002. Brino orally accepted the terms of the agreement, but the document was not signed until May 16, 2002, after the closing date. Conse-quently, the bank refused to acknowledge the adden-dum's validity. Thereafter, the Gabrieles drafted a second sales agreement with the same terms as the July agreement, except that the second agreement did not include a closing date but stated that the effective date would be the signing date. Both par-ties signed the agreement on June 16, 2002, and the bank accepted the agreement and agreed to provide the loan. The Gabrieles informed Brino that they were ready to close, but Brino did not convey title of the property to the Gabrieles. The Gabrieles brought suit against Brino, seeking specific perfor-mance, but Brino argued that the agreement was not enforceable as it did not satisfy the statute of frauds, primarily because the agreement did not designate the seller. In response, the Gabrieles claimed that their obtaining financing was partial performance of the agreement. How did the court resolve this issue with regard to the statute of frauds?"

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Medical Law And Ethics

Authors: Jonathan Herring

9th Edition

0192856561, 978-0192856562

More Books

Students also viewed these Law questions

Question

What is the general form of a ???? statistic?

Answered: 1 week ago