(Solved Homework): Scenario: You own the building and land on which you have been operating a business. You want…

Scenario: You own the building and land on which you have been operating a business. You want to sell the building and land and expand your business in a new location. You offered to sell the building and land to Fast Ship, a small shipping and handling business, for $650,000. Fast Ship agreed. Fast Ship promised to pay $600,000 in cash in 3 weeks, and pay the remaining $50,000 1 month later. You agreed and shook hands with the owner of Fast Ship to close the sale. You did not commit the agreement to writing. In 3 weeks, as agreed, Fast Ship paid you $600,000 in cash, and you transferred the deed to the building and land to Fast Ship. 1 month later, Fast Ship brought the remaining $50,000 cash payment to you. You refused to accept the $50,000. You regretted selling the real estate and wanted to keep the building and land. You told Fast Ship that you were cancelling the contract and returning the $600,000 cash to Fast Ship. Fast Ship refused the money claiming you had a valid contract. A. Can you get out of the deal by refusing to accept the $25,000 and returning Fast Ship’s $600,000? Why or why?

Expert Answer


Without having a written contract and already having accepted a large chunk of the payment agreed upon, one is not contractually bound to honor the commitment that was agreed upon by both the parties. Also as we are willing to return the money to the buyer, we have every right to demand the deed to be transferred back and have the deal rescinded.

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