Question
Farmer Ted offers to buy 640 acres of grazing land from his neighbor, Farmer Zed.They agree to a price of $1,000 per acre to be
Farmer Ted offers to buy 640 acres of grazing land from his neighbor, Farmer Zed.They agree to a price of $1,000 per acre to be paid in monthly installments of $6,000 with no interest.Zed says he'll have his lawyer prepare the deed and other documents and agrees that Ted can put his cows on the land and start construction of a barn as soon as he makes the first payment.
Ted delivers the first payment the next day and immediately begins grazing his cows on the land.He starts work on a barn soon after, incurring $50,000 in expenses.Because the barn is placed close to Ted's farmstead, and pretty far away from Zed's, it only adds $40,000 in value to the land.Although Ted reminded Zed about the deed several times, Zed never produced it or any other document.
10 months after Ted paid the first installment, Zed tells him he decided not to sell after all and the deal is off.Zed says he'll return the $60,000 Ted paid as soon as the cows are off the land.
If Ted sues Zed, which of the following remedies is likely to provide Ted with the best possible outcome?
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