To: Contracts Course grader
Re: Assignment 1
Bernie lives in Richmond, VA and he decides on February 1 to advertise the sale of his 2006 Ford Fusion for $13,500 in the local newspaper. After several weeks and no offers he gets a call from Vivian on March 1st offering to purchase the car for $12,000. Bernie realizes he may not get any other offers and sets up to meet with Vivian on March 5th to complete the sale transaction.
After the negotiations, Vivian agrees to pay $12,500 for the car but needs another 3 weeks to get the money. Bernie agrees to wait if Vivian agrees to put down $1,000. Vivian agrees and Bernie drafts the one page agreement. Bernie stills wants to keep an open mind that …show more content…
The objection was overruled as to the trustee’s authority; it was sustained as to the lack of mutuality in the agreement.
In Sayres v. Wheatland Grp., L.L.C. and Busman v. Beeren & Barry Invs., LLC both cases demonstrate the lack of mutuality required to uphold the contract. Sayres v. Wheatland Grp., L.L.C. the court held that the contract in issue was supported by consideration for both parties. “It is a fundamental rule in equity that a contract, to be specifically enforced, must, in general, be mutual in its obligation and in its remedy, and it must be mutual ab initio. In other words, it must be enforceable originally, or not at