Offers to purchase the land

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Reference no: EM131224608

A offers to purchase the land from B for $100,000. B agrees. They enter into a contract on Jan 1 that sets the closing date as feb 1. On Jan 15, A says they she does not believe the land is worth $100,000 and only wants to pay $70,000. B reluctantly agrees and they sign a new contract for $70,000, changing only the price but nothing else.

On the day of closing, B says he has changed his mind and refuses to close unless A pays the full amount. B says that the new contract is not enforceable because A did not give new consideration for the contract, and therefore, it cannot be enforced even though it was signed. A says they had a new deal that replaced the first deal. Who is correct?

Reference no: EM131224608

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