Rob is selling his house in Tucson. Jim, his agent, has found a buyer, Sid. Sid signs a contract in which he agrees to buy the house for $250,000 but the document provides that "this sale is conditional on the buyer obtaining a mortgage in the amount of $200,000 at an interest rate not to exceed five (5) percent." Write your own IRAC analysis for the promise above, including answers to the following questions: What is the legal ISSUE? Note: the simple issue statement is "Is the promise illusory?" but you could also draft an issue statement more catered to the hypothetical promise. What relevant RULE applies to resolve the legal issue? How does the rule APPLY to the facts of this hypothetical? What would a court likely CONCLUDE?

Answer rating: 100% (QA)

Issue Is the promise made by Sid in the contract to buy Robs house conditional on obtaining a mortga... View the full answer