The information is below: Galaxy Corporation wanted to lease some warehouse space from Manner Investment Group.The two
Question:
The information is below:
Galaxy Corporation wanted to lease some warehouse space from Manner Investment Group.The two entities entered into a "handwritten deal," which was executed on the warehouse property.The handwritten lease was one page long and contained the following information:
LEASE AGREEMENT
The parties, Galaxy Corporation, lessee, and Manner Investment Group, lessor, agree to lease warehouse property located in Gwinnett County, Georgia.The parties agree that the lease term shall be five years with monthly rent at $3570 for year one with a 5% increase over the terms of the lease.The deposit for the warehouse is $5000 payable at the time this agreement is executed.
Signed/ Marshall Shields, VP
Galaxy Corporation
Signed/ Diana Sutton, Managing Partner
Manner Investment Group
The handwritten date of April 29, 2010 was at the bottom of the document.Galaxy tendered the initial deposit and first month's rent.Later that week, Manner Investment sent Galaxy a formal lease agreement which included additional costs such as the common area costs, real property taxes and insurance premiums.Galaxy refused to sign the lease stating that the one-page, handwritten document contained all the terms of their deal.Manner Investment wants to sue Galaxy.
Question: What arguments under contract law would Manner Investment Corporation raise toinvalidatetheoriginal agreement?
Managerial Accounting
ISBN: 978-1259024900
9th canadian edition
Authors: Ray Garrison, Theresa Libby, Alan Webb