Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hsu v . Abbara On June 5 , 1 9 8 7 , the Abbaras listed their home for sale at $ 2 9 9

Hsu v. Abbara
On June 5,1987, the Abbaras listed their home for sale at $299,900 with Roy Rhino of Merrill Lynch Realty. The Hsus made an offer to purchase the home for $285,000 through their agent Ben Lin on June 8,1987. The purchase agreement contained a provision for attorney's fees: "In any action between Broker, BUYER or SELLER arising out of this agreement, the prevailing party shall be entitled to reasonable attorney's fees and costs." On June 9, the Abbaras made a counter offer on a standard purchase agreement for $297,000, set to expire at 5 p.m. on June 10, and this counter offer incorporated the terms of the original offer. The Hsus viewed the property a second time and on the bottom of the counter offer wrote "All terms are accepted except price to be $292,000" and "this counter offer is good until 11 a.m. on June 10."
On the evening of June 9, Lin spoke with Rhino to see if the Abbaras would take a price under $297,000. Rhino said to present a new written offer. Lin called again to say that the Hsus were firm at $292,000. On June 10, Abbaras told Rhino no on $292,000 and to go back to $299,900.
The afternoon of June 10, Rhino received the Abbaras' counter offer ($297,000) with the "All terms are accepted except price to be $292,000" lined out. In its place was handwritten "offer terms are accepted." Rhino called the Abbaras to report that Hsus agreed on $297,000. Abbaras said anything less than full price was not acceptable. Rhino was unsuccessful in finding another house for the Abbaras, who then decided not to sell. Rhino prepared escrow instructions, which Hsus signed but Abbaras did not. On June 22, Hsus sued the Abbaras for specific performance.
Was there a contract? Why?
image text in transcribed

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

Healthcare Finance An Introduction To Accounting And Financial Management

Authors: Louis C. Gapenski

2nd Edition

1567931650, 978-1567931655

More Books

Students also viewed these Finance questions

Question

What are the three essentials for each BMP activity?

Answered: 1 week ago

Question

Briefly describe the five principles of succession planning.

Answered: 1 week ago

Question

What are the disadvantages of succession planning?

Answered: 1 week ago