Reference no: EM131208759
General Instructions for Learning Activities: Read/watch all assigned materials listed for the week in Course Content. Cite to these materials (please cite multiple in text) in in text citations in all responses you post to these LAs. Create a separate posting for each learning activity, i.e., one post for Learning Activity 1, a separate post for Learning Activity 2.
Learning Activity 1:
Scenario: Jim is 85 years old, and lives with his nephew Patrick. Jim is entirely dependent on Patrick for support and his care. Patrick advised Jim to "invest" in Patrick's new consulting business or Patrick will no longer support or care for him. Jim liquidated his other investments and a trust fund, and signed a contract with Patrick giving all his investments and trust funds to Patrick for Patrick's new business.
Later, Jim had doubts about Patrick's new consulting business and wanted out of the contract.
Can Jim set aside the contract with Patrick, or is it valid and enforceable? Why or why not?
Learning Activity 2:
Answer the questions following the case scenario below.
Scenario: Tom owned a house set on 1 acre of land that he wanted to sell when he retired in April, 2013. On April 1, 2012, Mary and Tom orally agreed that Mary would purchase Tom's house and 1 acre of land for $350,000 cash on April 15, 2013. In the meantime, Mary and Tom agreed that Tom would continue to own and live on the property. On April 15, 2013, Mary presented Tom with a cashier's check for $350,000 for the house and Tom transferred the deed to the house and land to Mary in her name. Mary and Tom properly filed all the documents necessary for the closing on the real estate sale.
Mary and Tom had also agreed previously that Tom could remain on the property following the closing of the sale on April 15, 2013 until April 17, 2013 to give him time to move out. On April 17, Tom refused to move out claiming that their oral agreement for sale of the property was invalid and unenforceable under the Statue of Frauds.
- Was the sale subject to the Statute of Frauds and if so, for what reason(s) and why?
- Is the contract for sale of the property valid so that Tom has to relinquish possession of the property? Why or why not?
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