Promise to pay for the equipment in case

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Reference no: EM133298677

Case: Greg owns a small farm that he has worked for the past twenty years. He now wants to retire and sell off both the farm and its equipment. Jeff agrees to buy a tractor and some other farm equipment from Greg for a price of $8,500, to be paid in equal monthly payments from Jeff to Greg. The parties made this agreement on November 1, 2022 and both parties agreed that Jeff would pay Greg in full on or before October 1, 2023. Lynette offers to buy Greg's land and the farm buildings for $350,000. Greg accepts this offer and tells Lynette he will sell her his farm.

Question 1: After Greg tells Lynette he will sell her the farm, Lynette obtains a mortgage in the amount of $350,000 to buy the farm and also purchases several industrial greenhouses that she plans to install on the property. Would Lynette's actions of getting a mortgage and purchasing the greenhouses have any effect on the enforceability of the oral agreement to purchase the farm? Why or why not?

Question 2: If Jeff's brother made a promise to pay for the equipment in case Jeff fails to complete his payments, would this agreement require a writing? Why or why not?

Reference no: EM133298677

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