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April 17, 2014

Homework Help: business law

Posted by nat on Sunday, March 18, 2012 at 10:04pm.

1. Meyer, after seeing a sign on Chosnyka's land reading "FOR SALE 95 ACRES" and running a title search, sent Chosnyka an offer to buy the land as described by its legal description. The offer required acceptance by returning a singed copy within 10 days. Chosnyka singed and returned the copy the next day, along with a paper stating that he accepted w/ the following conditions: (1) that the closing date be within 60 days and (2) that the land's legal description was accurate but the acreage stated in it was only an estimate. The next day Meyer went to the property and discovered an underground pressurized gas line on it. Because of this and the lack of a warranty that the property was exactly 95 acres, he refused to buy the property for the amount stated inthe offer. Chosnyka insisted on that price, and when Meyer refused to pay, sold the property for less to someone else. He then sued Myer for breach of contract.

Was Chosnyka's acceptance w/ conditions really a counteroffer?

2. McCarthy listed some real estate for sale with her broker. When the price had been reduced to $125, 000, Madaio made an offer of $100,000. McCarthy counteroffered $110,000, and they agreed to a sale at $105,000. The contract was to be effective when Madaio returned a singed formal contract. On January 12, McCarthy signed a formal contract prepared by her agent, and it was delivered to Madaio on the same day. Madaio signed it the next day but did not mail it back to McCarthy until January 18. On January 16, McCarthy called Madaio and said she was withdrawing the offer. Madaio said he had already signed the contract, and intended to go ahead with the offer. He sued for specific performance of the contract.
Did Madaio effectively accept the offer before McCarthy withdrew it?

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