Exchanging pleasantries tells you about problem

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Reference no: EM132209015

Mrs. Sutherland arrives promptly, and after exchanging pleasantries tells you about a problem that has arisen with her next door neighbor. It seems she owns a plot of land along Highway 81 in Anderson next to a popular restaurant called Cayman Cuisine. The owner of the restaurant, Mr. Avery Tolar, has been trying to buy the plot of land from Mrs. Sutherland for several years because he wants to expand his parking lot and build an extension onto Cayman Cuisine. Mrs. Sutherland has rejected all offers for her land so far, but about a month ago Mr. Tolar came to her home and offered her $20,000, which she rejected. However, as Mr. Tolar turned to walk away Mrs. Sutherland muttered under her breath, "I won't take less than $30,000 for it." The next day she was surprised to find a letter from Mr. Tolar's attorney accepting her offer of $30,000 and enclosing a contract for her signature. She called the attorney and explained there must have been some error, and told the attorney that she does not want to sell the land. The telephone conversation did not go well, and Mr. Tolar's attorney threatened to sue Mrs. Sutherland for breach of contract unless she completes the sale of land to Mr. Tolar for $30,000 within 28 days.

Mrs. Sutherland had the land valued yesterday, and it's actually worth $50,000. If you conclude that there is a contract, is it possible to refuse to comply with it on the basis that the value given for the land ($30,000) isn't the correct market price?

Reference no: EM132209015

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