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On May 1, Dix and Wilk entered into an oral agreem...

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On May 1, Dix and Wilk entered into an oral agreement by which Dix agreed to purchase a small parcel of land from Wilk for $450. Dix paid Wilk $100 as a deposit. The following day, Wilk received another offer to purchase the land for $650, the fair market value. Wilk immediately notified Dix that Wilk would not sell the land for $450. If Dix sues Wilk for specific performance, Dix will: 1) prevail, because the amount of the contract was less than $500. 2) prevail, because there was part performance. 3) lose, because the fair market value of the land is over $500. 4) lose, because the agreement was not in writing and signed by Wilk. Select the correct answer from the choices above. Business Law Attached is the chapter in the book.

 

Paper#9036 | Written in 18-Jul-2015

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