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Scenario: Tom owned a house set on 1 acre of land that he wanted to sell when he retired in April, 2013. On April 1, 2012, Mary and Tom orally agreed that Mary would purchase Tom's house and 1 acre of land for $350,000 cash on April 15, 2013. In the meantime, Mary and Tom agreed that Tom would continue to own and live on the property. On April 15, 2013, Mary presented Tom with a cashier's check for $350,000 for the house and Tom transferred the deed to the house and land to Mary in her name. Mary and Tom properly filed all the documents necessary for the closing on the real estate sale.
Mary and Tom had also agreed previously that Tom could remain on the property following the closing of the sale on April 15, 2013 until April 17, 2013 to give him time to move out. On April 17, Tom refused to move out claiming that their oral agreement for sale of the property was invalid and unenforceable under the Statue of Frauds.
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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