Levels Tought:
Elementary,High School,College,University,PHD
Teaching Since: | May 2017 |
Last Sign in: | 261 Weeks Ago, 5 Days Ago |
Questions Answered: | 20103 |
Tutorials Posted: | 20155 |
MBA, PHD
Phoniex
Jul-2007 - Jun-2012
Corportae Manager
ChevronTexaco Corporation
Feb-2009 - Nov-2016
X offers in writing to sell his land to Y and further promises (in writing) to keep this offer open until the end of this quarter so that Y will have time to think it over. X realizes that he really doesn't want to sell the land at this time after all, and sends a letter to Y before the quarter telling him the deal is off. What best describes the legal obligations in this fact pattern?
1) Â Â The Statute of Frauds requires contracts for the sale of land to be in writing, therefore a contract has been formed and X must sell Y his land.
2) Â Â Because this transaction is governed by Common Law, X is allowed to revoke his promises before they are accepted.
3) Â Â Because X's offers are written, Y is obligated to buy the property at the end of the quarter.
4)   Y can force X to keep his promise open until he has time to think it over. Â
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