Smith and Jones make an oral contract for the sale of Smith's house at a price of
Question:
Smith and Jones make an oral contract for the sale of Smith's house at a price of $230,000. After paying Smith $150,000 of the purchase price, Jones gets the keys to the house and starts renovations on the house. One month later, Smith wants to kick Jones off his property. His argument is that the parties' oral agreement is unenforceable under the SOF. Which is correct:
a. Smith is incorrect because Jones paid part of the purchase price, took possession, and began renovations.
b. Smith is correct because Jones has not paid the entire purchase price amount.
c. Smith is correct because he is a merchant.
d. Smith is correct because it's only been one month so it doesn't come under the SOF
Business Law Principles and Practices
ISBN: 978-1133586562
9th edition
Authors: Arnold J. Goldman, William D. Sigismond