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Author Question: The following excerpts from letter negotiations on land occurred between Magnus Matthews and Elaine ... (Read 51 times)

DyllonKazuo

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on: Jun 24, 2018
The following excerpts from letter negotiations on land occurred between Magnus Matthews and Elaine Brown. January 4, 2013 Dear Magnus, I am interested in buying that lot you showed me last Saturday. You talked about 40,000 as a price. That sounds good to me. Let's meet Wednesday at Frisco Kid's to iron out details. Elaine January 4, 2013 (via fax) Elaine, 40,000 is the price. Cash only. I'll see you Wednesday at 5:30. Magnus On January 5, 2013, a developer came to Magnus with 40,000 cash and asked to buy the lot. Magnus signed a contract and accepted a 4,000 earnest money deposit. On January 6, 2013, Magnus met Elaine at Frisco Kid's and said when he first spotted her, Sorry, kid. I sold the lot yesterday. Cash straight up. Let's talk about any of my other lots. Did Magnus and Elaine have a contract?

Question 2

Indorsers and drawers are the parties whose liability on negotiable instruments is ordinarily primary.
  Indicate whether the statement is true or false


joanwhite

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Reply #1 on: Jun 24, 2018
Answer to Question 1

Magnus made an offer which Elaine could accept, but the two did not have a contract. Magnus could sell the lot. Elaine's letter did not have sufficient detail or present intent to contract.

Answer to Question 2

FALSE


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