Mr. Smith gives Ms. Jones a check for $5,000 as option to purchase her land located in
Question:
Mr. Smith gives Ms. Jones a check for $5,000 as option to purchase her land located in Napa Valley - both parties sign the option to buy contract - Ms. Jones accepts the check for $5,000 as an option to buy her land. Ms. Jones agreed to sell to Mr. Smith her 2-acre commercial lot for $300,000. Mr. Smith has 90 days to exercise his option to purchase Ms. Jones' property at her asking price of $300,000.
Based on the limited details of this contract agreement, what one condition would you advise Mr. Smith and Ms. Jones to add to the contract to ensure a successful completion?
What are the remedies for optionor/optionee should either party default on the deal. Discuss other sources that provided additional helpful information related to this subject matter, etc.
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts