Statute of Frauds at Common Law for a Real Estate Purchase Agreement

FratBro23
Category:
Law
Price: $15 USD

Question description

Buyer's initial proposal was for Seller to do at Seller's expense a laundry list of items, including installing a radon mitigation system that would result in a post-mitigation radon test below 3.9 pCi/L, which is the level EPA finds generally acceptable (Remedy Request). Seller agreed to the laundry list of things except for item Number 1, the bonding of the gas line, and stated that it will install radon mitigation system with "acceptable" test results (Response to Remedy Request). Both parties agreed to the Response to Remedy Request and signed it. After the mitigation system was installed, the radon test results came back at a 1.9 level, which is below the EPA guideline. The Buyer stated it was not happy with the results and backed out of the purchase agreement. The seller, unable to find another buyer of the property for $225,000, eventually sold the property for $195,000 and sued the Buyer for breach of contract. As you consider the problems below, you may wish to consider such legal issues as the mirror image rule between the offer and acceptance, counteroffer, good faith of buyer, and who gets to decide what is "acceptable." Also, if a 3.9 was acceptable under Buyer's Remedy Request, should it not be acceptable under the Response to Remedy Request? Question #1: What is the legal issue?; Question #2: You represent Seller. What is the seller's argument for enforcing the contract?; Question #3: Now suppose you represent the buyer. What is the buyer's argument for not enforcing the contract?

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(Top Tutor) Daniel C.
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