Real Estate Analytics, LLC (REA), a limited liability company, became interested in Theodore Tee Vallas's 14.13-acre Lanikai

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Real Estate Analytics, LLC (REA), a limited liability company, became interested in Theodore Tee Vallas's 14.13-acre Lanikai Lane property located in Carlsbad, California. REA's primary goal in purchasing the property was to make a profit for its investors and the company. In March, REA and Vallas entered into a written agreement for Vallas to sell the property to REA. Under the agreement, the sales price was $8.5 million, with REA to pay an immediate $100,000 deposit, and then pay $2.9 million at closing. In return, Vallas agreed to finance the remaining $5.5 million, with the unpaid balance to be paid over a five-year period. On June 14, Vallas cancelled the contract. The next day REA brought a breach of contract action seeking specific performance. Explain whether REA is entitled to specific performance.
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Smith and Robersons Business Law

ISBN: 978-1337094757

17th edition

Authors: Richard A. Mann, Barry S. Roberts

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