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Jeff agrees to buy a farm from Scott for $2,000,000. Jeff and Scott sign a legally sufficient contract. Before he takes possession, Jeff learns that
- Jeff agrees to buy a farm from Scott for $2,000,000. Jeff and Scott sign a legally sufficient contract. Before he takes possession, Jeff learns that the property is only worth $150,000 due to the location of the property. Is Jeff bound by the contract to purchase the property?A.Yes. All written contracts are always valid.
- B.Yes. Unless the contract is considered unconscionable.
- C.No. Jeff may discharge the contract for inadequacy of consideration.
- D.No. Jeff can discharge the contract due to the statute of frauds.
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Business Law and the Legal Environment
Authors: Susan S. Samuelson, Jeffrey F. Beatty
7th edition
1285860381, 978-1305445864, 1305445864, 978-0357689646, 978-1285860381
