Andy purchased a one-acre tract of land with an ocean view from Bob for $1,000,000. One hour
Question:
Andy purchased a one-acre tract of land with an ocean view from Bob for $1,000,000. One hour before escrow closes on the deal, Charlie, who knows of the pending sale to Andy, offers Bob $2,000,000 for the one-acre tract of land and Bob accepts. One hour later when escrow closes, Bob informs Andy that the sale cannot go forward because the property has been sold to Charlie.
• Explain why a breach of contract occurred and identify who is the party at fault.
• Choose the remedy that is most appropriate to help the non-breaching party.
• Compare and contrast mediation versus arbitration as the best way to resolve this dispute. Justify the response.
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young