Split between principal and interest

Assignment Help Financial Management

Reference no: EM131983832

John decides to purchase a home from Mary. Mary has John move in, pay $10,000 as a down payment, and John makes payments of $1500 per month, split between principal and interest. This is not put in writing. John pays the monthly payments for 8 months. Then, in writing, Mary sells her home to Cynthia, who pays in cash, and wants to move in. Mary tries to kick John out of the home, saying that he is only renting and does not have a lease, and therefore can be removed from the property with 30 days notice.

Debate whether, in your opinion, the agreement between John and Mary is enforceable under the statute of fraud, and why or why not.

Reference no: EM131983832

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