Question
Juan thinks he would like to purchase Tara's house, but doesn't know whether he will be able to save enough money for a down payment on a loan. Juan agrees to give Tara $5,000 for the option to purchase her house for $150,000 sometime within the next five years. Juan and Tara reduce their agreement to writing, sign it, and Juan gives Tara $5,000. Two years later, Juan wins the lottery and now is financially able to purchase Tara's house. However, that same day Juan receives a letter from Tara revoking her offer to sell for $50,000. Which of the following is true?
A. Tara's revocation isn't effective.
B. Tara's revocation is effective as long as she refunds the $5,000.
C. Tara's revocation is effective.
D. Juan can't complain because he failed to accept Tara's offer before it was revoked.
A. Tara's revocation isn't effective.
B. Tara's revocation is effective as long as she refunds the $5,000.
C. Tara's revocation is effective.
D. Juan can't complain because he failed to accept Tara's offer before it was revoked.
Answers
Ronald Federson
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sun
A. Tara's revocation isn't effective