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Define real estate and wanted to keep the building and land

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Reference no: EM131650505

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?

Reference no: EM131650505

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