QuickHelper

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Category > Management Posted 02 Oct 2017 My Price 10.00

Brodsky is interested in buying Culbertson's land

Brodsky is interested in buying Culbertson's land. He asks him to hold the land open and not sell to anyone else but him. They sign the following agreement: "In consideration of Culbertson's promise to not sell to anyone else during the next 30 days, Brodsky will deposit a personal check in an escrow account at his bank, Lone Star Bank, which will be returned to him at the end of 30 days." Under these facts, which statement is most accurate?

 

options:

1)   A valid option contract is formed.

2)   Brodsky must buy the land at the end of the 30 days.

3)   Culbertson is obligated to not sell to anyone else during the next 30 days.

4)   Brodsky's promise is illusory; there is no consideration for his side of the bargain.

 

Answers

QuickHelper
(10)
Status NEW Posted 02 Oct 2017 05:10 PM My Price 10.00

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