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.

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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

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