Business Law II question 1

User Generated

zrrxn76

Business Finance

Description

Steve buys a house from Jim. There is no written contract. However, Steve pays the purchase price, moves onto the property, and begins to build a new garage. Jim seeks to evict Steve from the property stating that there was never a valid contract. Is Jim likely to succeed? Why or why not?

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Explanation & Answer

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Well Jim will succeed as there is no proof that he received any payments.

For a purchase or contract to be enforceable, there must be valid documentation in respect to the property being purchased and  witnessed by a lawyer.

For the above case, Steve will lose funds paid and will be ejected from the house by Jim.

Please let me know if you need any clarification. I'm always happy to answer your questions.


Anonymous
I was having a hard time with this subject, and this was a great help.

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