QuickHelper

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  • MBA, PHD
    Phoniex
    Jul-2007 - Jun-2012

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  • Corportae Manager
    ChevronTexaco Corporation
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Category > Management Posted 03 Oct 2017 My Price 8.00

Chapter 6 from The Legal and Ethical Environment of Business was adapted

Scenario: You own the building and land on which you have been operating a business. You want to sell the building and land and expand your business in a new location.

You offered to sell the building and land to Fast Ship, a small shipping and handling business, for $650,000. Fast Ship agreed. Fast Ship promised to pay $600,000 in cash in 3 weeks, and pay the remaining $50,000 1 month later. You agreed and shook hands with the owner of Fast Ship to close the sale. You did not commit the agreement to writing.  

In 3 weeks, as agreed, Fast Ship paid you $600,000 in cash, and you transferred the deed to the building and land to Fast Ship. 1 month later, Fast Ship brought the remaining $50,000 cash payment to you. You refused to accept the $50,000.

You regretted selling the real estate and wanted to keep the building and land. You told Fast Ship that you were cancelling the contract and returning the $600,000 cash to Fast Ship. Fast Ship refused the money claiming you had a valid contract.

A.  Can you get out of the deal by refusing to accept the $25,000 and returning Fast Ship's $600,000?  Why or why?

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QuickHelper
(10)
Status NEW Posted 03 Oct 2017 07:10 AM My Price 8.00

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