Question

Fox Brothers Enterprises, Inc., agreed to convey to Canfield a lot, Lot 23, in a subdivision known as Fox Estates, together with a one-year option to purchase Lot 24. The agreement did not contain any prohibitions, restrictions, or limitations against assignments. Canfield paid the price of $20,000 and took title to Lot 23. Thereafter, Canfield assigned his option right in Lot 24 to the Scotts. When the Scotts tried to exercise their right to the option, Fox Brothers refused to convey the property to them. The Scotts then brought a suit for specific performance. Who are the parties to the initial contract? Fox Brothers Enterprises Fox Estates Canfield Scotts What is the contract consideration given by the Fox Brothers Enterprises? 1. 2. What is the contract consideration given by Canfield? A contract is a private agreement between the parties who enter into it with two exceptions- which exception potentially applies in this case? What did this assignment purport to transfer? Who made an assignment of rights? What contract right did this party assign? Does the law presume that parties may assign rights in a contract? Generally, under the law, what rights cannot be assigned? 1. 2. 3. 4. What right was assigned in this case? Is this a valid assignment? How many parties are involved in an assignment? Who is the assignor? Who is the assignee? Who is the obligor? Whose rights are extinguished by the assignment? As a result of the assignment, who can now enforce the option contract? Is it likely the courts will order the Fox Brothers to sell the lot to the Scotts? What if the assignment was verbal- would it be enforced? Why?

Answer 1

The parties to the initial contract is the Fox Brothers enterprises, Scotts and the Canfield. The contract consideration given by canfield and fox brother is agreement did not contain any prohibitions, restrictions, or limitations against assignments and have not registered. It is private agreement if both the party is agreed. If one of the patner will not ready to enter another than that time the contract is not be a contract the exception is potentially applies by giving some benifit to the other party.

Assignment is a common practice in contract law and can be found in a variety of different contractual situations. Assignment are common in contract law there will generally be at least three parties involved in an assignment.

Under this case Scotts is the obligor. Fox brother is the assignee and the canfield is the assignor. If the all the contract is happen in verbal not in written it will be void and if the aggrement in written between the party will be valid and the Scotts have a right to take the title ownership by paid the amount to the fox brother and the assignor will be give the right of title to the scotts. If the assignmen is not in verbal than it will not enforced. Because to filled a case in court need evidence to proof the right weather it will exist or not.