Business Law

posted by .

Juan thinks he would like to purchase Tara's house, but doesn't know whether he will be able to save enough money for a down payment on a loan. Juan agrees to give Tara $5,000 for the option to purchase her house for $150,000 sometime within the next five years. Juan and Tara reduce their agreement to writing, sign it, and Juan gives Tara $5,000. Two years later, Juan wins the lottery and now is financially able to purchase Tara's house. However, that same day Juan receives a letter from Tara revoking her offer to sell for $50,000. Which of the following is true?
A. Tara's revocation isn't effective.
B. Tara's revocation is effective as long as she refunds the $5,000.
C. Tara's revocation is effective.
D. Juan can't complain because he failed to accept Tara's offer before it was revoked.

  • Business Law -

    I have the answers contact me ronaldfederson at iaahoo

  • Business Law -

    A. Tara's revocation isn't effective

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Math 104

    Five years ago, you bought a house for $171,000. You had a down payment of $35,000, which meant you took out a loan for $136,000. Your interest rate was $5.6% fixed. You would like to pay more on your loan. You check your bank statement …
  2. Algebra: Statistics

    Five years ago, you bought a house for $151,000, with a down payment of $30, 000, which meant you took out a loan for $121,000. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank statement …
  3. math

    Five years ago, you bought a house for $151,000, with a downpayment of $30,000 which meant you took out a $121,000 loan. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank statement and …
  4. MATH

    Five years ago, you bought a house for $151,000, with a down payment of $30,000, which meant you took out a loan for $121,000. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank statement …
  5. MATH

    Five years ago, you bought a house for $151,000, with a down payment of $30,000, which meant you took out a loan for $121,000. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank statement …
  6. math

    Assignment 2: Financial Project Due Week 7 and worth 55 points Five (5) years ago, you bought a house for $171,000, with a down payment of $30,000, which meant you took out a loan for $141,000. Your interest rate was 5.75% fixed. You …
  7. math

    identify the variable, population and is this quantitative or qualitative The archaeological site of Tara is more than 4000 years old. Tradition states that Tara was the seat of the high kings of Ireland. Because of it's archaeological …
  8. Math

    Shantle and Kwamie are planning to buy their first home. Although they are excited about the prospect of being homeowners, they are also a little frightened. A mortgage payment for the next 30 years sounds like a huge commitment. They …
  9. Business Math

    Jeanna wants to buy a new boat for her family. She has two payment options. The first option is to pay a cash payment of $7,200. The second option is to finance the boat with a three year installment loan. The loan requires a 10% down …
  10. Business Math

    A newly couple has $15,000 toward the purchase of a house. For the type and size of house the couple is interested in buying, an estimated down payment of $20,000 will be necessary. How long will the money have to be invested at 10% …

More Similar Questions