Question

In: Operations Management

Is a contract for the sale of real estate assignable by the buyer if it provides for credit from the seller to the buyer?

Corey sold his property to Greer, who assigned the contract right to Bob. The original contract of sale provided for an extension of credit by Corey to Greer and did not require a total cash payment at the time of closing. Is a contract for the sale of real estate assignable by the buyer if it provides for credit from the seller to the buyer? Explain.

Solutions

Expert Solution

. An understanding between private gatherings making shared commitments enforceable by law. The fundamental components required for the consent to be a legitimately enforceable contract are: shared consent, communicated by a substantial offer and acknowledgment; satisfactory thought; limit; and lawfulness.

The appropriate response is NO

REASON:

  • Contracts for the offer of land which accommodate credit from the dealer are not assignable "WITHOUT CONSENT" from vender in the event that they include an augmentation of credit by the merchant to the first purchaser.
  • As Corey is curious about with Bob, the contract isn't assignable to Bob since it includes an augmentation of credit by Corey to Greer .

keosha answered 2 years ago
Next > < Previous

Related Solutions

Expatiate on the duties of the seller to the buyer in a contract for sale of...
Expatiate on the duties of the seller to the buyer in a contract for sale of goods.
The buyer bought a consignment of olive oils from the defendant seller. The sale contract was...
The buyer bought a consignment of olive oils from the defendant seller. The sale contract was made on CIF term. The olive oils had been loaded on a ship, and had been insufficiently ventilated in hot weather while the ship was in port. The olive oils arrived Turkey in damaged condition. The cargo was mouldy and they were unfit for human consumption. The buyer claimed for damages. Who is going to be liable for the damage? Please answer the question,considering...
a) Buyer A has entered into a contract for the sale of goods with Seller B....
a) Buyer A has entered into a contract for the sale of goods with Seller B. Seller B has delivered nonconforming goods but has promised to cure the defects. After three months of waiting, Seller B has not cured the defect. What remedy does Buyer A have?   b) Buyer A has entered into a contract for the sale of goods with Seller B. Buyer A has breached the contract while the goods are in transit. What remedy does Seller B...
a)   Buyer A has entered into a contract for the sale of goods with Seller B....
a)   Buyer A has entered into a contract for the sale of goods with Seller B. The contract provides that Seller B will deliver the goods on May 1, 2010. On May 1, 2010, Seller B informs A that it will not be able to perform the contract. Assume Buyer A was going to pay $3,000 for the goods under the contract with Seller B. Seller C will sell Buyer A the goods for $4,000 plus a transportation cost of...
Buyer A has entered into a contract for the sale of goods with Seller B.
Buyer A has entered into a contract for the sale of goods with Seller B. The contract provides that Seller B will deliver the goods on May 1, 2010. On February 1, 2010, Seller B informs A that it will not be able to perform the contract. What has occurred and what remedies are available to A in this case?
Explain, what are the risks and rewards to a (i) Buyer (ii) Seller (iii) Lender and (iv) Real Estate Agent of a Buyer buying a property from a short sale.
Explain, what are the risks and rewards to a (i) Buyer (ii) Seller (iii) Lender and (iv) Real Estate Agent of a Buyer buying a property from a short sale. 
If, under a real estate contract, the seller is to provide financing to the purchaser, what...
If, under a real estate contract, the seller is to provide financing to the purchaser, what issues should be discussed concerning seller financing?
A German seller and a U.S. buyer form a contract. The buyer breaches. The seller sues...
A German seller and a U.S. buyer form a contract. The buyer breaches. The seller sues in a German court and wins damages, but the buyer’s assets are in the United States. If a U.S. court enforces the judgment, it will be because of Question 33 options: the doctrine of sovereign immunity. the act of state doctrine. the principle of comity. None of the above.
Buyer and Seller entered into a contract governed by the CISG for Seller to deliver a...
Buyer and Seller entered into a contract governed by the CISG for Seller to deliver a sophisticated computer to Buyer by January 1. Seller was late in delivering themachine, so Buyer wired Seller on January 2: “Anxious to take delivery of the computer. Hope that it arrives by February1.”Seller delivers the computer on February 5, but Buyer refused to accept it and declares that the contract is avoided because Seller failed to hand over the computer before the February 1...
Buyer and Seller entered into a written agreement for Buyer to purchase real property, which property included a home, from Seller.
 Buyer and Seller entered into a written agreement for Buyer to purchase real property, which property included a home, from Seller. Under the terms of the purchase agreement, the risk of loss "shall remain with Seller until delivery of title." The purchase agreement was entered into on May 15 and called for closing on June 1, though the agreement did not say that time was of the essence. Seller chose this date for closing, in part, because that was the...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT