Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tim owns his own house painting/siding business and entered into a contract with Julie to side her house for $1,000. Tim anticipated that the job

Tim owns his own house painting/siding business and entered into a contract with Julie to side her house for $1,000. Tim anticipated that the job would take two weeks. He would begin on August 13th 2009 and would receive payment upon completion of the work. Julie is in the process of refinancing the mortgage on her house and stated in the contract that the siding job would only proceed upon approval by her bank of the refinancing. With regard to these facts, answer the following questions. Explain your answers.

1. Is this a contract that is required to be in writing under the Statute of Frauds?

2. Suppose Julie notifies Tim not to proceed with the siding as she did not receive approval of her application for refinancing. Is Julie in breach of contract?

3. Suppose Tim dies after the contract is signed, but before it is performed. This business consisted solely of him so there is no one else to fulfill his responsibility in the contract. Is this breach of contract?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Theory And Practice

Authors: Roger H. Hermanson

1st Edition

0256023301, 978-0256023305

More Books

Students also viewed these Accounting questions