Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. steve orally agrees, at a family reunion picnic, t

Steve orally agrees, at a family reunion picnic, to buy Bob's farm for $250,000, and...

70.2K

Verified Solution

Question

Accounting

image
Steve orally agrees, at a family reunion picnic, to buy Bob's farm for $250,000, and all the terms of the agreement are settled. Bob agrees to let Steve come onto the property before the closing date so that Steve can renovate the farmhouse kitchen and build a new barn before he takes over formally. By the time Bob tells Steve that he has changed his mind and that he will not be completing the transaction on the closing date, Steve has spent $40,000 on the property. Under the doctrine of part performance, Steve can request that the court order specific performance of the contract. Under the Statute of Frauds, since their agreement was not evidenced in writing, Steve cannot enforce it in court, and cannot recover the $40,000. Steve can ask a court to order specific performance of the contract because he has spent a lot of money on the property. Because of the Statute of Frauds, Steve cannot get the farm, but he can sue Bob for the tort of deceit and recover the $40,000. Steve can use the doctrine of promissory estoppel to force Bob to complete the transaction and give him the farm in exchange for $250.000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Algebra
1.2K views

and 3 livestock cars A train is made up of 9 cars How many ways...

Basic Math
1.2K views

Seven cards are drawn from an ordinary deck In how many ways is it possible...

Chemistry
1.2K views

You are given 2.00 g of a mixture of phenol, aniline, phthalic acid and methyl benzoate....

Biology
1.2K views

The patient is a 62 year old female with nausea and abdominal pain. Routine screening endoscopy...

Biology
1.2K views

Please explain and work through the following genetics problem: An organization of the data set given below...

Medical Sciences
1.2K views

Obstructive shock results from an obstruction of either the great vessels of the heart, or the heart...

Physics
1.2K views

.How does the velocity of air moving over the top of the wing of an airplane...

Calculus
1.2K views

Find the volume of the prism whose base is the triangle in the xy plane...

Algebra
1.2K views

The graph of f x x 1 x 5x 6 is shown Select the zero...

Algebra
1.2K views

appear to be over The bar graph shows that by 2007 68 of cellphones sold...

Accounting
1.2K views

During 2022, Ivanhoe Company entered into the following transactions, 1. 2 Purchased equipment for $...

Accounting
1.2K views

Next, the following excerpt from Morgan Stanley's 2017 Annual Report discusses Morgan Stanley's valuation techniques...