Author Question: Jackson paid Brady 700 for a 90day option to purchase Brady's 160acre farm for 132,000. The option ... (Read 82 times)

littleanan · **on:** Jun 24, 2018

Jackson paid Brady 700 for a 90day option to purchase Brady's 160acre farm for 132,000. The option agreement was in writing and signed by both parties. The agreement referred only to the option, its period, a legal description of the farm, and the purchase price. Thirty days later, Jackson wrote Brady, I hereby exercise my option to purchase your farm for 132,000, subject to your replacing the well pump and related plumbing fixtures. Is there a contract? Is the option still valid?

Question 2

A voucher's check is a check drawn by one bank on another bank.
Indicate whether the statement is true or false

shayla · **Reply #1 on:** Jun 24, 2018

Answer to Question 1

In these circumstances, we have an attempted acceptance of an option. But the acceptance is conditioned upon the well pump and fixtures being replaced. This is not an acceptance, but a counteroffer and rejection. Also, the rejection is premature.
Under View 1 - the option is terminated.

Under View 2 - the option continues unless there is a refund and a release.

Answer to Question 2

FALSE