Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Wilbur advertised his house for sale on Monday. Sam responded to the advertisement and on Tuesday, came to view the house and its locality. Sam

Wilbur advertised his house for sale on Monday. Sam responded to the advertisement and on Tuesday, came to view the house and its locality. Sam liked the house, and its location, and agreed with Wilbur to buy the house at an agreed price of $3 million. They made an appointment to finalise the transaction with the lawyers on the coming Saturday morning.

That evening, Wilbur told his wife that he had secured a buyer for the house. His wife had second thoughts and said that she could not leave the location having lived there for so many years. She insisted that Wilbur cancel the sale.

Wilbur called Sam to tell him the sale was off. But Sam insisted on keeping to the arrangement highlighting to Wilbur that they had a contract, and that he, Sam, was prepared to go to court if necessary.

Seeing no other way out, Wilbur transferred the house to his wife, believing that Sam would not be able to buy the house since there was no agreement between Sam and his wife.

Explain to Sam the options available to him should he insist in purchasing the house.

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

Personal Finance

Authors: Richard Stanton

2nd Edition

1519662106, 978-1519662101

More Books

Students also viewed these Finance questions