Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In 1995, Oli Bonli was 88 years' old. He owned some land that he agreed to lease to Mr Turner for five years with an

In 1995, Oli Bonli was 88 years' old. He owned some land that he agreed to lease to Mr Turner for five years with an option to purchase the land when the lease expired. The purchase price for the land at the end of the five-year lease term was set at $100000, payable over 20 years at $5000 per year. No interest was payable under the agreement. In fact, the value of the land in 1995 was $167000, much higher than the purchase price. Land prices in the area were skyrocketing at this time and Mr Turner knew it. At that time, Mr Turner was 47 years' old and he personally drafted a written contract on the terms agreed to. He had Mr Bonli come to his office to sign the contract at 7:00 am, when no one was likely to be around. Mr Bonli did not obtain independent legal advice before entering into the contract. Despite being a long-time farmer on the same piece of land, Mr Bonli made two errors in the legal description of his land on the contract. At that time, age was catching up to Mr Bonlihe had good days and bad days when he was very confused. Very shortly after signing the contract, Mr Bonli denied that he had sold his land and told someone that he thought he had actually bought land from Mr Turner. In 1996, Mr Bonli was taken to a nursing home as he could no longer care for himself properly. By the end of the lease term in 2000, the value of Mr Bonli's land had risen to $418000. Mr Turner then sought to exercise his option to purchase the land for $100000 pursuant to the payment terms of the contract. Mr Bonli's estate refused to sell the land to Mr Turner, claiming that the contract was unconscionable.

Is the contract voidable due to unconscionability? (Provide a full 3-step legal

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

The Bluebook A Uniform System Of Citation

Authors: Harvard Law Review, Columbia Law Review, Yale Law Review

21st Edition

0578666154, 978-0578666150

More Books

Students also viewed these Law questions

Question

Mortality rate

Answered: 1 week ago

Question

Armed conflicts.

Answered: 1 week ago