Question: On October 1 , 2 0 2 3 , EBS, Inc. a wholesaler of furniture, entered into a contract with Dina s , a well

On October 1,2023, EBS, Inc. a wholesaler of furniture, entered into a contract with Dinas, a well-known furniture store. This contract provided that EBS, Inc. was to sell to Dina's 50 ABC Brand large dining room tables and chairs for $250,000. Delivery to the buyer was scheduled for October 29th.
This contract was written and signed by the parties. However, the purchase price was omitted from that contract. On October 25,2023, five days before the date of performance of the contract, EBS's Chief Executive Officer telephoned the President of Dina's to inform her that EBS refused to perform the contract because its lawyer thought that the agreed contract price was too low. After hearing this news, Dina's threatened to bring legal action for breach of contract against EBS, Inc.
(A) In this action by Dina's against EBS, Inc., is the contract made between the parties enforceable? Why or why not? (12 credits)
On March 3,2024, Marlin, Inc. sought to buy a building to house its new corporate offices. It found a property on 380 Madison Avenue in Manhattan. Karry Justner, Inc., a real estate company, was selling the building for $300 million. In a telephone conversation. Marlin's CEO asked Karry Justner, the CEO of Karry Justner, Inc., for a written contract. Kushner stated to Marlin's CEO: "We don't need a writing ... we can do this with a handshake." A written contract was never made. All the material terms were agreed to by the parties in their face to face meeting on March 22nd. Payment was to be made on April 1,2024.
On April 1 as stipulated in the contract, Marlin, Inc. wire transferred the $300 million payment in full to Karry Justner, Inc. It was accepted Karry Justner on April 3rd. However, on April 12,2023, Karry Justner decided not to sell the office building and sent a wire transfer of $300 million to Marlin, Inc. as a return on the payment. Marlin, Inc., refused to accept the money back. Marlin, Inc. wanted the property transferred. When that did not happen, Marlin sued Karry Justner for breach of contract.
(B) In this action by Marlin, Inc. against Karry Justner, judgment for whom?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!