Question
Nephew recently inherited land from his uncle. Nephew traveled to the property and discovered that it was a small farm with a few fields of
Nephew recently inherited land from his uncle. Nephew traveled to the property and discovered that it was a small farm with a few fields of tall corn ready to be harvested. Neighbor stopped by while Nephew was visiting the farm. Nephew told Neighbor he had no real use for the farm and offered to sell the farm to Neighbor for $5000. Neighbor agreed, shook hands with Nephew, and gave $2500 cash to Nephew as a down payment. Neighbor promised to send the remaining $2500 to Nephew within one month. Even before Nephew returned home, Neighbor proceeded to harvest the corn and to make extensive repairs of the fence surrounding the farm. Once home a week later, Nephew discovered a letter from his deceased uncle that stated, "I think there might be oil underneath the farm I am leaving to you in my will." After reading the letter, Nephew immediately mailed a $2500 check to Neighbor with a note stating, "I thought about your offer and I refuse, but I might sell the land to you for $500,000." Based on these facts, can Nephew repudiate the agreement to sell the farm to Neighbor for $5000? a-No, because Neighbor made a substantial payment and undertook extensive improvements on the farm in anticipation of the purchase of the land b-No, because Nephew has an insufficient basis to believe the sale price was inequitable c-Yes, because the sale agreement failed to satisfy the Statute of Frauds. d-Yes, because the sale was still in the executor period of the contract
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