This is the problem solutions of Bob Acres V Schmacher

Question: please summarize and include

the following;

Judgment:

Issue:

Holding:

General Analysis

Applied Analysis:

8. Bob Acres entered into a written contract to buy 25 acres of land from Schumacher Farms for $70,000. The contract recited that Bob Acres had paid $5 00 ear- nest money, but it never did pay this money. The deal fell through when Schumacher refused to close. Bob Acres sued for breach of contract, and Schumacher as- serted that the contract was not supported by consider- ation because Bob Acres had not paid the $500 earnest money. Did the false recital of acknowledgment of re- ceipt of the earnest money cause the contract to be un- enforceable because of lack of consideration