Question: please please help it will greatly be appreciated ! 1) Professor Houle recently inherited a 20-acre tract of land from his grandfather in Oklahoma. Unknown

please please help it will greatly be appreciated !
please please help it will greatly be appreciated
please please help it will greatly be appreciated
1) Professor Houle recently inherited a 20-acre tract of land from his grandfather in Oklahoma. Unknown to Houle, who had never visited Oklahoma, the land contained valuable coal deposits worth $500,000. The Badland Coal & Mining Company, who knew about the coal deposits, and had made many unsuccessful attempts to purchase the land from Houle's grandfather, had one of its agents, Mackenzie, approach Houle and offer to purchase his property for $50,000. Houle explained to Mackenzie that he really had no need for this land, but that he did not want to sell it until he knew the land's market value. At this point, Mackenzie produced documentation previously prepared by the Badland Coal & Mining Company showing that 20 acres of land in this portion of Oklahoma typically sold for about $40,000. This information was generally accurate for tracts of land that did not contain coal or other mineral deposits When Houle asked Mackenzie why he was willing to pay $50,000 for land only worth up to $40,000, Mackenzie explained that he always fancied this particular piece of land, thought it was very beautiful, and that the additional $10,000 represented the sentimental value he attached to the land. The following conversation then took place: Houle: Is there anything else about the land I should know about? Mackenzie: Like what? Houle: Well, if the land had gold under it, for example, you'd tell me, right? Mackenzie: Of course I'd tell you if the land had gold under it. In fact, I promise you, if the land turns out to have gold on it, I'll sell it back to you for the amount I paid. Convinced, Houle and Mackenzie shook hands to seal the deal, and agreed to memorialize their agreement in writing within the next couple of days or so. The next day, at Mackenzie' request, Houle paid $1,000 to obtain a survey and title search on his newly-inherited property. Mackenzie then took Houle to a local bar "to celebrate their deal," where Mackenzie purchased numerous alcoholic beverages for Houle, getting him quite drunk at one point, and finally brought Houle home around 4:00 a.m. One hour later, 20 representatives from the Badland Coal & Mining Company ("Badland) showed up at Houle's home, at 5:00 a.m., and asked him to sign the following writing: The Badland Coal & Mining Company hereby agrees to pay to Professor Houle $50,000 for his recently-inherited 20-acre tract of land in Oklahoma, and Professor Vance Houle hereby agrees to convey all of his land to the Badland Coal & Mining Company. Although Houle was not intoxicated, he did have a bad hangover, was perplexed and confused as to the identity of the 20 representatives in his house, and had some difficulty concentrating and generally making sense of the situation. He told Badland that he already agreed to sell to someone named Mackenzie, at which time Badland told him that Mackenzie was one of its agents. Surprised by this revelation, Houle said he would need more time to think before signing the contract. He also thought the fact that Mackenzie really worked for a coal and mining company was suspicious, and briefly considered the fact that Badland might be purchasing his property for natural resources, but then felt somewhat reassured when he hazily recalled his conversation with Mackenzie about obtaining a refund if the land proved to have natural resources buried beneath its soil. Because Houle was taking a long time to make his decision, all of the 20 representatives for Badland began to harangue him, telling him that a deal is a deal, that he had already agreed to sell his property, that he did not want to be known in the community as someone who broke his promises, and that should he refuse to sign the papers, he would be taken to court and sued for breach of contract. Houle did not know what to do, and told the representatives that he would like to get some advice from his attorney first, and began to pick up his phone. One representative from Badland then slammed down the phone and said "I wouldn't do that if I were you." Another representative immediately said "If you know what's best for you, I'd sign that writing," and opened his blazer to grab a pen from his inside pocket, which he shoved in Houle's direction. When the representative opened his blazer, Houle thought he saw a sharp metal object tucked into the representative's belt. A bit frightened at this point, and still confused by the entire situation, Houle signed the contract, and the representatives from Badland handed Houle a check for $50,000, and left Houle's home. Houle went back to bed and, after catching up on his sleep and waking up around 5:00 p.m., he fully realized what had previously transpired. He immediately emailed Mackenzie and told him to tell Badland that "our deal is off." Mackenzie told him that this would not be acceptable. Please identify all of the legal issues presented and discuss fully. 1) Professor Houle recently inherited a 20-acre tract of land from his grandfather in Oklahoma. Unknown to Houle, who had never visited Oklahoma, the land contained valuable coal deposits worth $500,000. The Badland Coal & Mining Company, who knew about the coal deposits, and had made many unsuccessful attempts to purchase the land from Houle's grandfather, had one of its agents, Mackenzie, approach Houle and offer to purchase his property for $50,000. Houle explained to Mackenzie that he really had no need for this land, but that he did not want to sell it until he knew the land's market value. At this point, Mackenzie produced documentation previously prepared by the Badland Coal & Mining Company showing that 20 acres of land in this portion of Oklahoma typically sold for about $40,000. This information was generally accurate for tracts of land that did not contain coal or other mineral deposits When Houle asked Mackenzie why he was willing to pay $50,000 for land only worth up to $40,000, Mackenzie explained that he always fancied this particular piece of land, thought it was very beautiful, and that the additional $10,000 represented the sentimental value he attached to the land. The following conversation then took place: Houle: Is there anything else about the land I should know about? Mackenzie: Like what? Houle: Well, if the land had gold under it, for example, you'd tell me, right? Mackenzie: Of course I'd tell you if the land had gold under it. In fact, I promise you, if the land turns out to have gold on it, I'll sell it back to you for the amount I paid. Convinced, Houle and Mackenzie shook hands to seal the deal, and agreed to memorialize their agreement in writing within the next couple of days or so. The next day, at Mackenzie' request, Houle paid $1,000 to obtain a survey and title search on his newly-inherited property. Mackenzie then took Houle to a local bar "to celebrate their deal," where Mackenzie purchased numerous alcoholic beverages for Houle, getting him quite drunk at one point, and finally brought Houle home around 4:00 a.m. One hour later, 20 representatives from the Badland Coal & Mining Company ("Badland) showed up at Houle's home, at 5:00 a.m., and asked him to sign the following writing: The Badland Coal & Mining Company hereby agrees to pay to Professor Houle $50,000 for his recently-inherited 20-acre tract of land in Oklahoma, and Professor Vance Houle hereby agrees to convey all of his land to the Badland Coal & Mining Company. Although Houle was not intoxicated, he did have a bad hangover, was perplexed and confused as to the identity of the 20 representatives in his house, and had some difficulty concentrating and generally making sense of the situation. He told Badland that he already agreed to sell to someone named Mackenzie, at which time Badland told him that Mackenzie was one of its agents. Surprised by this revelation, Houle said he would need more time to think before signing the contract. He also thought the fact that Mackenzie really worked for a coal and mining company was suspicious, and briefly considered the fact that Badland might be purchasing his property for natural resources, but then felt somewhat reassured when he hazily recalled his conversation with Mackenzie about obtaining a refund if the land proved to have natural resources buried beneath its soil. Because Houle was taking a long time to make his decision, all of the 20 representatives for Badland began to harangue him, telling him that a deal is a deal, that he had already agreed to sell his property, that he did not want to be known in the community as someone who broke his promises, and that should he refuse to sign the papers, he would be taken to court and sued for breach of contract. Houle did not know what to do, and told the representatives that he would like to get some advice from his attorney first, and began to pick up his phone. One representative from Badland then slammed down the phone and said "I wouldn't do that if I were you." Another representative immediately said "If you know what's best for you, I'd sign that writing," and opened his blazer to grab a pen from his inside pocket, which he shoved in Houle's direction. When the representative opened his blazer, Houle thought he saw a sharp metal object tucked into the representative's belt. A bit frightened at this point, and still confused by the entire situation, Houle signed the contract, and the representatives from Badland handed Houle a check for $50,000, and left Houle's home. Houle went back to bed and, after catching up on his sleep and waking up around 5:00 p.m., he fully realized what had previously transpired. He immediately emailed Mackenzie and told him to tell Badland that "our deal is off." Mackenzie told him that this would not be acceptable. Please identify all of the legal issues presented and discuss fully

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!