Question
Facts: Mr. Smith gives Ms Jones a check for $5000 as option to purchase her land located in Napa Valley - both parties sign the
Facts: Mr. Smith gives Ms Jones a check for $5000 as option to purchase her land located in Napa Valley - both parties sign the option to buy contract - Ms Jones accepts the check for $5000 as an option to buy her land. Ms Jones agreed to sell to Mr. Smith her 2 acre commercial lot for $300,000. Mr. Smith has 90 days to exercise his option to purchase Ms Jones property at her asking price of $300,000.
Question: Assuming Mr. Smith does nothing with this option contract - at the end of the 90 days does Mr. Smith get his $5000 back. Explain why or why not - as to whether Mr. Smith will get his option money back?
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