On April 1, 2016, Mary and Tom orally agreed that Mary would purchase Tom's house and 1 acre of land for $350,000 cash on April 15, 2017. In the meantime, Mary and Tom agreed that Tom would continue to own and live on the property. On April 15, 2017, Mary presented Tom with a cashier's check for $350,000 for the house and Tom transferred the deed to the house and land to Mary in her name. Mary and Tom properly filed all the documents necessary for the closing on the real estate sale.

Mary and Tom had also agreed previously that Tom could remain on the property following the closing of the sale on April 15, 2017 until April 17, 2017 to give him time to move out. On April 17, Tom refused to move out claiming that their oral agreement for sale of the property was invalid and unenforceable under the Statue of Frauds.

1. Define what a contract is and analyze all of the elements of a contract to determine if they are all present? Is this a contract governed by the UCC or by the common law? Why did you answer the way that you did? Could Tom have terminated the contract if he wanted to on January 7, 2017? If so why, if not why not? Was the sale originally subject to the Statute of Frauds and if so, for what reason(s) and why?

2. Is the contract for sale of the property valid so that Tom has to relinquish possession of the property? Why or why not?