Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hattie was an elderly widow who lived in Prince George.She owned a cabin on Vancouver Island.Percy, who lived in Saanich, British Columbia, was interested in

Hattie was an elderly widow who lived in Prince George.She owned a cabin on Vancouver Island.Percy, who lived in Saanich, British Columbia, was interested in purchasing the cabin and land owned by Hattie.On September 10, he wrote a letter to Hattie in which he offered to purchase the cabin and land for $125,000.Hattie received the letter on September 15, and immediately faxed a letter to Percy offering to sell the cabin and land to him for $150,000.Percy did not respond to the fax immediately, but on a business trip to Prince George on September 22, he spoke to Hattie about the cabin in an effort to determine if Hattie might be willing to reduce the price.In the past Hattie had been a good real estate agent and she enjoyed the negotiation process.Hattie replied that her price was "firm" at $150,000.

When Percy returned to Saanich, he sent a letter to Hattie purporting to accept her offer to sell the cabin and land at $150,000 subject to him obtaining a mortgage of not less than $125,000 at an interest rate of not more than 8% by October 5.The letter was posted at 11:40 a.m. on September 23, but through a delay in the mail, was not delivered to Hattie in Prince George until 4:20 p.m. on September 28.

In the meantime on September 26, Sneaky, Hattie's nephew, was able to convince Hattie to sell the property to him for $75,000.00.Sneaky was a sophisticated business man with a charming personality.He told her that if she sold him the property he would ensure that he would invite all the nieces and nephews down for yearly family gatherings.Hattie was touched by his family concern and she transferred the property to Sneaky on September 27 in exchange for $75,000.00.

Sneaky also had a dark side to him.He had planned to immediately start growing unlicensed cannabis (ie. illegal) on it and he was arrested two months later for cultivating it illegally.When the nieces and nephews questioned him he told them that he paid good value for the property and that they should drop dead.

Describe the legal positions of the parties.

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_2

Step: 3

blur-text-image_3

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

Business Law Text and Cases

Authors: Kenneth W. Clarkson, Roger LeRoy Miller, Gaylord A. Jentz, F

11th Edition

324655223, 978-0324655223

More Books

Students also viewed these Law questions

Question

relate the elements of a diverse workplace

Answered: 1 week ago