Question
In: Operations Management
Jason Taylor decided to use his NFL earnings to buy an island in the Caribbean. He...
Jason Taylor decided to use his NFL earnings to buy an island in the Caribbean. He paid a deposit when he signed the contract. The remaining money was due at the time of closing, on the condition that the seller provided him clear title to the property. At the time of closing, the seller could not provide a clear title and Jason Taylor did not pay the balance of the sales price. What is the consideration for this contract? Is Jason Taylor entitled to his deposit back? Why or why not?
Solutions
Expert Solution
Going by the terms of the contract, the seller is liable for breach of contract by failing to provide the clear title of the property on the specified day. The consideration for the contract was the total price to be paid in exchange of receiving the title to the property. Now, since the selling party has breached the contract terms, the buyer is entitled to get back his deposit, the interest on it and any other damages which might have incurred by the buyer owing to the breach.
keosha answered 2 years agoRelated Solutions
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