Seller writes Buyer on 1/1/09 and says: “I will sell you my house for $100K closing will be 12/31/09.” Buyer writes Seller: “Ok”.

Seller writes Buyer on 1/1/09 and says: “I will sell you my house for $100K closing will be 12/31/09.” Buyer writes Seller: “Ok”. As the result of this written interchange, what are the terms of the contract?

a) Seller and Buyer have a contract to sell and buy, respectively, a $100K house with date of closing being 12/31/09.

b) Seller and Buyer have a contract to sell and buy, respectively, a $100K house.

c) Seller and Buyer have a contract to sell and buy. d) Seller and Buyer have a contract.

Solutions

Expert Solution

From the given question it is clearly mentioned that: Seller has written to the buyer that he wants to sell his house for $100K he will hand over it on 12/31/09 (closing date) and the Buyer says Ok.

From a,b,c,d options:

Option (b) doesn't have complete information i.e. it is not talking about the closing date to handover the house to buyer.
Option (c) doesn't have complete information i.e it is not talking about the cost of house i.e $100K and the closing date to handover the house to buyer.
Option (c) doesn't have complete information i.e it is not talking about what the seller and buyer do, the cost of house i.e $100K and the closing date to handover the house to buyer.
Option (a) has complete satisfying sentence i.e Seller and Buyer have a contract to sell and buy, the house at cost $100K with date of closing being 12/31/09.

Hence Option (a)

Rahul Sunny answered 1 year ago

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