Theresa Polk discussed selling her residence and 181 acres of
Theresa Polk discussed selling her residence and 181 acres of land to BHRGU Avon Properties, LLC. Avon presented an offer for the land. Polk responded by providing two counteroffers, both stipulating that Avon accept before February 7, 2005, at 5 p.m. Avon responded by providing an offer that materially changed terms in the counteroffers and delivered it before the February 7 deadline. Avon also delivered a $25,000 check. Polk's attorney accepted the check but later wrote "VOID" on it instead of cashing it. Avon filed a suit seeking specific performance. The trial court found in favor of Avon, determining that the counteroffers constituted option contracts. Polk appealed, arguing that the counteroffers were not enforceable contracts because they lacked consideration and were therefore offers that required Avon's acceptance. Avon argued that the $25,000 check constituted consideration for the option contracts, making the contracts enforceable. Do you believe that an option contract was formed? Why or why not?
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
Relevant Tutors available to help