Harrison entered into a purchase and sale agreement to sell his house to Kenneth. Kenneth paid a
Question:
Harrison entered into a purchase and sale agreement to sell his house to Kenneth. Kenneth paid a deposit of $1 million, and was committed to paying an additional deposit of about $2.5 million two weeks later, on September 30. However, Kenneth ran into difficulty, because he was counting on getting money from the sale of another property, which was delayed. The stated deadline came and passed, and Harrison notified the buyer that it considered the deal to be cancelled.
Applying the relevant principles of law, explain
a) the circumstances that would make Kenneth not to loose his deposit in the transaction.
b) the circumstances that would make the purchase and sale agreement binding on the parties even where it was not in writing or evidenced by writing.
Expert Answer:
a The circumstances that would make Kenneth not lose his deposit in the transaction would depend on the terms and conditions outlined in the purchase and sale agreement between Harrison and Kenneth Ge... View the full answer
