PLEASEDISCUSS AND EXPLAINALL LEGAL ISSUES THAT ARISE FROM THE FOLLOWING SCENARIO.

Billy Joel owns a section of land located on the outskirts of the City of Medicine Hat. Billy gave up farming the land ten years ago has rented the land to his neighbor Neil Sedaka, who is also one of Billy's good friends.

In the past Neil has rented the land on a year by year basis, paying rent for the full year on January 1^stof each year. Neil and Billy have never had a formal written agreement regarding the rent.

Although he has not told anyone, including his doctor, Billy has recently began to suspect that he may have early onset Alzheimer's as he has started to forget things lately. Due to his health issues Billy has fallen on hard times and decided that he needed to sell the land.

Billy listed the section of land for sale with a local Real Estate Agent, Bob Seger. Billy and Bob signed an agency agreement and Billy gave Bob the authority to accept any offer on the land that is greater than $200,000.00. The agency agreement also requires Billy to pay a 5% commission to Bob for any sale of the land that Bob facilitates.

On November 29^th, 2013, Brian Wilson made an offer to Bob to buy the section of land for $250,000.00. The offer was made on a standard agricultural real estate purchase agreement and contained all of the usual clauses. The offer contained a financing condition, which gave Brian until December 15, 2013 to get approved for financing to purchase the land. The contract also included an anticipated closing date of January 1, 2014.

Bob accepted the offer on behalf of Billy on November 30, 2013 and signed the agreement on behalf of Billy. Bob then immediately informed Billy about the agreement. Billy tells Bob that he is very happy about the deal.

On December 1, 2013 Billy goes for coffee with Neil and informs him that he has sold his land to Brian and that Brian intends on farming the land and will not be renting it to Neil. Neil becomes upset and tells Billy that when he started renting the land from Billy 10 years ago Billy had agreed to give Neil the Option to Purchase the Land if Billy decided to sell it in future; however, the agreement was never put into writing.

Billy feels bad and suspects that he must have forgotten about the promise to sell the land to Neil.

A day later Billy phones Neil and asks him if he wants to buy the land; Neil inquires "What about Brian Wilson?" and Billy responds "Who is Brian Wilson?"

Despite the fact that he knew that Brian Wilson had made a prior agreement, Neil meets with Billy the next day and they enter into an agreement for Neil to buy the land from Billy for $150,000.00 Cash. They put the agreement in writing as follows:

"I, Neil Sedaka, agree to purchase from Billy Joel his section of land for $150,000.00. Possession of the land and payment of the purchase price is to occur on December 15, 2013."

Neil signed the agreement and beside his signature Billy Joel signs and writes 'this offer is hereby accepted by me, Billy Joel, on December 3, 2013. Neil and Billy then attend Neil's lawyer's office who prepares all of the legal documentation for the sale of Land to occur on December 15, 2013. Neil and Billy's real estate deal closes on time and Neil receives title and possession of the land on December 15, 2013 and Billy receives his $150,000.00 Cash.

Brian Wilson is approved for financing and gives notice to Bob that he is waiving the financing condition on December 14, 2013. The next day Bob phones Billy and tells him that all conditions have been removed and the deal with Brian has been finalized and is set to close on January 1, 2014. Billy than tells Bob that he just sold the land to Neil.

Bob informs Brian Wilson about the fact that the land has already been sold. Brian is very upset and tells Bob that he is going to sue whoever he can to get that piece of land.

Billy's family finds out about the sale to Neil and is very concerned with the fact that Billy has sold his land to Neil for substantially less than what he could have sold it to Brian for.