BMGT 380 SECTION 7983 – SPRING 2015
DUE SUNDAY, MAY 10TH, 11:59pm EST
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Worth .6 points each – 15 points Total
: Select the best
answer choice for each question.
Sam orally agreed to sell Jamie some land for $500,000. Jamie paid Sam the $500,000; Sam
gave Jamie the deed to the land. Jamie took possession of the land and began building a cabin on
it. One month later, Sam tried to retake possession of the land by arguing that the contract for the
sale was invalid because it was oral, not written. Sam sued Jamie to invalidate the contract and
retake the land.
The court will likely conclude that Sam will:
Win; the sale exceeded $500 so the contract must be written to be valid under the Statute of
Win; all land sales contracts must be written.
Lose; because the contract was fully executed Sam cannot rescind the contract.
Lose; because Jamie had begun building a cabin on the property, Sam cannot rescind the
On Tuesday, Jon offered to sell his CD collection to Sandy for $100. Sandy replied, "I'm
interested. I'll think it over and let you know Thursday whether I want to buy the CDs." On
Wednesday, Jon agreed to sell the CDs to Jason, and Jason immediately gave Jon a letter that
"Jon, I will buy your CD collection for $100. As we agreed, I will pay you on Friday when I pick
up the CDs.
Yours truly, Jason."
Upon Jon's receipt of this letter on Wednesday, what best describes Jon’s contract agreement(s)?
By forming an agreement with Jason, Jon breached his contract with Sandy because he did
not effectively revoke his offer to Sandy.