Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Russ owned a ranch in South Dakota. Russ' uncle, Edward, held a two-year option to buy the ranch from Russ. The option included specific conditions.

Russ owned a ranch in South Dakota. Russ' uncle, Edward, held a two-year option to buy the ranch from Russ. The option included specific conditions. For instance, once the option was exercised, the parties had thirty days to enter into a purchase agreement and the seller could become the buyer’s lender by matching the terms of the proposed financing. After the option was exercised, Russ and Edward engaged in lengthy negotiations. Edward, however, did not respond to Russ' proposed purchase agreement, nor did Edward advise him of available financing terms before the option expired. Six months later, Edward filed a suit against Russ to enforce the option. Is Edward entitled to specific performance as a remedy in this case? Does he have any remedy at all? Explain.


Step by Step Solution

3.38 Rating (154 Votes )

There are 3 Steps involved in it

Step: 1

In accordance with the United Stated Contract Law peformance must form an integral part of the contr... 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

Introduction to Law and the Legal System

Authors: Frank August Schubert

10th Edition

049589933X, 978-0495899334

More Books

Students also viewed these Business Communication questions