Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In July 2004, the Harrises entered into a contract with the Hallbergs to purchase the Hallbergs' home in Waccabuc, New York, for the sum of

In July 2004, the Harrises entered into a contract with the Hallbergs to purchase the Hallbergs' home in Waccabuc, New York, for the sum of $1.9 million. Later, the Harrises had second thoughts about the purchase. In November 2004, the Harrises and the Hallbergs signed an agreement that provided that, upon the forfeiture of the Harrises' down payment, "all contractual obligations" that the parties owed each other under the contract of sale would be terminated and each party would "have no further obligation" toward the other. The release was consistent with the terms of the contract of sale, which had specified the Hallbergs' remedy in the event of a default by the Harrises. Both parties were represented by independent counsel during the transaction. Mr. Harris was a lawyer. Later, the Harrises alleged that prior to signing the release, the parties entered into an oral agreement whereby the Hallbergs agreed that if they could sell the property for more than $1.9 million, they would return all or part of the Harrises' down payment. The Harrises alleged that the Hallbergs sold the property for $2.4 million but had refused to return any part of the down payment. Did the Harrises have the legal right to enforce the alleged oral agreement for the return of the down payment?

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

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

Project Management A Managerial Approach

Authors: Jack R. Meredith, Samuel J. Mantel,

7th Edition

470226218, 978-0470226216

More Books

Students also viewed these General Management questions