Read wanted to buy property owned by the Henzels. He sent them a letter offering to buy the property for $ 220,000. He suggested two different down payments and two different mortgages to finance the transaction. At the end of the letter, he stated, This generally covers our agreement and should suffice until a more formal document can be drawn

Read wanted to buy property owned by the Henzels. He sent them a letter offering to buy the property for $ 220,000. He suggested two different down payments and two different mortgages to finance the transaction. At the end of the letter, he stated, “This generally covers our agreement and should suffice until a more formal document can be drawn up.” The Henzels returned the letter and suggested a number of changes, including a mortgage with a different term and different interest rate. When the Henzels refused to go through with the deal, Read brought suit, claiming that he had a valid contract to buy the property. Is he correct?

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Related Book For answer-question

Business Law Principles and Practices

9th edition

Authors: Arnold J. Goldman, William D. Sigismond

ISBN: 978-1133586562