The writer is very fast, professional and responded to the review request fast also. Thank you.
Book/movie review
22/08/2022
Problem 1: Johnson agreed to purchase 60 acres of farmland from McEnroe at 410,000 per acre. The land consisted of two parcels of 30 acres each, and the written agreement, signed by both oarties, called for Johnson to pay the purchase price by conveying land of appropriate value (the deal was structured in this manner for tax reasons). The parties quickly identified one appropriate property owned by Rychart and worth $400,00. Johnson acquired the property from Rychart and deeded it over to McEnroe, thus leaving the remaining $200,000 to be paid through acquisition of other property. McEnroe immediately deeded one of his 30-acre parcels, so they agreed to replace the original agreement with an option contract of sorts.
The new written, signed agreement provided the parties one year to find suitable additional property to complete the sale of the second parcels, which the remaining $100,000 unapplied value of the Rychart property treated as partical payment towards the remaining purchase price. If the parties were unable to locate suitable property, then Johnson had the option of tendering the remaining $200,000 in cash on or before April 1. During the year leading up to April 1, Johnson began development of the first parcel, which McEnroe had already conveyed, but did nothing with respect to the second. As April 1 approached, the parties had not yet found suitable property for the exchange, and they orally agreed to extend the option for another 6 months in hopes of finding property, preserving of course Johnson’s right to tender cash if not.
During the period between April 1 and October 1, Johnson continued to develop the first parcel, and also spent $6,500 in platting the second parcel in anticipation of beginning development soon after it was conveyed pursuant to the parties’ agreement. As October 1 approached, the parties remained unable to find suitable property and, in late September, Johnson tendered the remaining $200,00 purchase price. However, McEnroe refused to accept it. When Johnson brought an action for specific performance, demanding conveyance of the second 30-acre parcel, McEnroe asserted the statute of frauds as a defense to enforcement.
Is Johnson entitled to purchase the remaining 30-acre parcel for an additional $200,000 in cash? If not, is he entitled to any other relief?
The writer is very fast, professional and responded to the review request fast also. Thank you.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more