Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

I need help with question 5. Below is the information needed to answer the question. Hedge Investments is a Dallas-based company that invests in distressed

image text in transcribed

I need help with question 5. Below is the information needed to answer the question.

image text in transcribedimage text in transcribed
Hedge Investments is a Dallas-based company that invests in distressed real estate. That is, it attempts to discover when owners of property are having trouble keeping up with their payments and tries to make purchases at below market value. In today's market, this business is highly competitive. Therefore, it is not unusual for multiple buyers to be making offers on a single piece of property. David is employed by Hedge and is responsible for acquisitions. David has recently learned that Apex Ventures has a major real estate development in Aledo that is in trouble. Apex owns 142 acres of land that it intended to develop into a residential community but has been unable to obtain enough financing to go forward. Brian is employed by Apex as Director of Capital Development. On April 11th, David calls Brian and makes a definitive offer for Hedge to purchase the 142 tract of land in Aledo from Apex for the cash price of $350,000. Later that afternoon, Brian calls David back and definitively accepts Hedge's $350,000 cash offer. At the end of the telephone call, David says he will get Hedge's lawyers working on the paperwork. An hour later, David signs and faxes a letter to Brian confirming the agreement. The letter outlines Apex's agreement to sell and Hedge's agreement to buy the Aledo property for $350,000 cash. Hedge's principal competitor in the market is Radical Properties. Matt is employed by Radical and holds the title of Vice President of Business Development. Matt has learned about Apex's distressed development in Aledo. On April 12th, Matt calls Brian and inquires about the possibility of Radical buying the property in Aledo. Brian states that he has just reached an agreement with Hedge to sell the property for a $350,000 cash price. Matt, seeing an opening, makes a cash offer of $425,000,Hedge's principal competitor in the market is Radical Properties. Matt is employed by Radical and holds the title of Vice President of Business Development. Matt has learned about Apex's distressed development in Aledo. On April 12th, Matt calls Brian and inquires about the possibility of Radical buying the property in Aledo. Brian states that he has just reached an agreement with Hedge to sell the property for a $350,000 cash price. Matt, seeing an opening, makes a cash offer of $425,000, which Brian accepts on the spot. By the next day, Radical's lawyers have prepared the paperwork, and all parties have signed them. While Apex's executives were initially unhappy about Brian backing out of the agreement with Hedge, they ultimately agreed that the Radical deal is a sound one and allows for Apex to turn a small profit. There are two resulting lawsuits. Hedge files suit against Brian and Apex for breach of contract. Hedge also files suit against Matt and Radical for the intentional tort of intentional interference with a contract. 5. For purposes of this question only, assume that Matt has committed the intentional tort of intentional interference with a contract. Discuss whether Hedge will be successful in holding Radical liable for Matt's intentional tort of intentional interference with a contract and all reasons why or why not

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Organic Chemistry

Authors: Marc Loudon, Jim Parise

6th Edition

1936221349, 978-1936221349

Students also viewed these Law questions