Jack and Jill Smith inherited a home in Birmingham, Alabama and they subsequently took out a $200,000 loan on the property. Jack Smith entered into an oral agreement with Bill and Barbara White to arrange for them to buy the home for a $10,000 down payment towards a purchase price of $220,000. The Whites were to pay all the mortgage payments and property taxes on the property for five years and at any time during that five-year period they could purchase the house. The Whites paid the down payment and cash payments equal to the monthly mortgage and paid the annual property taxes on the home. The Whites also made improvements to the property. Four years into the agreement, the Smiths reneged on their oral agreement to let the Whites purchase the house. The Whites sued for specific performance of the sales agreement. Does the Statute of Frauds apply to this case? Will the Whites succeed with their claim? In your opinion, did the Smiths act ethically in this case? Your response should be at least 200 words in length. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. Any references or citations must be in APA style.
Paper#13997 | Written in 18-Jul-2015Price : $25