Preview

Contract memorandum

Good Essays
Open Document
Open Document
866 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Contract memorandum
MEMORANDUM

To:
From:
Re: Teri Firefighter

FACTS:

Teri is a firefighter who lives and works in Boston, Ma. She is selling her home and found a buyer named Jack. Teri received an offer from Jack for $300,000. Teri accepts the offer and they sign a contract to that effect.

After the contract is signed, Teri learns of a Boston rule that all firefighters must live within the Boston city limits. Teri decides not to move and contacts Jack to let him know she won’t be moving after all.

Jack sues Teri in municipal court, asking for specific performance in accordance with the original deal. Teri argues that, although specific performance is usually appropriate in land sales contract cases, the judge has the discretion to deny specific performance.

ISSUE #1:

Whether Jack is due specific performance?

RULES:

In Raynor v. Russell, 353 Mass. 366 (Mass. 1967), a police officer had entered into a contract to sell his home. The police officer was planning to move to property in a town more than ten miles from the city, but because a certain statute was accepted by the city in effect requiring its police officers to live within ten miles of it, was not an adequate ground for denying specific performance of the contract sought by the purchaser in a suit in equity.

Also stated in Raynor, The court held that ”the prospective purchasers were entitled in lieu of the relief granted by the final decree to specific performance upon payment of the purchase price less the amounts already paid as a deposit, as well as interest thereon.” The court also concluded that “there was not any hardship shown sufficient reason for denying specific performance.” The court held that because specific performance was to be granted, the price set by the oral agreement made by the buyers must be paid.

In Joseph A. Cardillo Revocable Trust v. Cardillo, 17 LCR 55 (Mass. Land Ct. 2009), is that Joseph seeks specific performance of the agreement and an order that

You May Also Find These Documents Helpful

  • Powerful Essays

    Cruickshank, Garth& Romano

    • 1551 Words
    • 7 Pages

    Richard Romano, one of Cruickshank, Garth& Romano’s principals, is doing business with Watson& Musico Developments, the major developers and property owners in NCR. Initially, this ideal business will bring not only very attractive benefit to the company but also a good chance to build good relationship with Watson& Musico Developments which is company’s new desired target. However, John Mortimer, the controller of Watson& Musio, needs high estimated value to refinance company’s property and he is not satisfied with Richard’s preliminary evaluation of 30.5 million. Meanwhile, he requests Richard to raise the value to 35 million by ignoring the side agreements and using full face rental rates. Now, Richard meditates on whether he should submit to John’s will by raising the value to $35 million.…

    • 1551 Words
    • 7 Pages
    Powerful Essays
  • Satisfactory Essays

    ISSUES: Whether or not the Trial court’s final summary judgment in favor of Brown Realty Company will proceed for the reason that Donnie McGraw argues that the trail court erred when they granted Brown motion for traditional summary judgment on its breach of contract.…

    • 521 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    Mr Madison, council tenant he applied to purchase his own council house from the tenant and he also had a letter from the Edinburgh city council saying that they might be prepared to sell the house for 2180.00. Mr Madison said that the path to the house was in a bad state and questioned the price they had stated. Mr. Madison then learned from the council that the price cannot be changed as it has been fixed according to the condition of the property.…

    • 1264 Words
    • 6 Pages
    Powerful Essays
  • Satisfactory Essays

    Contract Brief

    • 339 Words
    • 2 Pages

    Reed has not identified a breach of a specific contractual provision despite being given the opportunity to do so through discovery. While Reed speculates that colleges have a duty to protect the health of their athletes, he fails to demonstrate how such duty is grounded in contract. Reed asserts the release is not enforceable, because it was not supported by consideration. Consideration may be any benefit conferred or detriment suffered. The forbearance of a legal right is a legal detriment which constitutes good consideration. When the hockey players, including Reed, signed the registration form, they agreed not to hold the participating sponsors responsible for any claims arising from their participation in the event and NDAD agreed to let them run on the course during NDAD's road race. Reed's surrender of a legal right in exchange for NDAD allowing him to run the course during the race constitutes consideration for the release.…

    • 339 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    For the Texoil negotiation, I was in the role of the Service Station Owner. As such, my main objective was to sell the station and get the best possible agreement. My BATNA was $400,000, which represented an offer from British Petroleum and my resistance point was $413,000 after tax, which represented the cost of my trip. My target was $488,000, which included an additional $75,000 to help tie me over until I found a job upon my return. This resistance point represents a purely financial alternative. However, there were several other criteria or interests other than strictly financial which could have been satisfied through non-financial means. My underlying interest or reason for selling the station was to realize my life’s dream of sailing around the world. My wife and I were planning to take a two-year trip and needed the money to buy a sailing boat and cover our costs. Furthermore, I was concerned about having a job when I returned, and concerned with tax issues because of the capital gain on the sale. The final agreement included a purchase price of $210,000, covering $86,000 to get my boat ready, a Texoil gas card for a 25% discount worth $10,000 of my maintenance costs, a job at $85,000 for less hours upon my return, and a loan to cover the rest of my cashflow needs not payable for two years. Towards the end of the negotiation I was still concerned about the size of the loan I would still have outstanding. But since I would be making an additional $10,000/year for less hours and have about 13 years before retirement made this agreement very attractive. I was satisfied that I could pay off the loan with my increased salary or sell the boat upon my return. In this respect, although I did not achieve my target price in terms of cash, the agreement was worth $553,000 or $535,000 after-tax. This was well above my target of $488,000. Although the agreement did not meet my expected financial requirements, it more than…

    • 1667 Words
    • 7 Pages
    Powerful Essays
  • Powerful Essays

    Offering Memorandum

    • 8374 Words
    • 34 Pages

    INTRODUCTION................................................................................................................. i Confidentiality and Disclaimer .......................................................................................... i About Generational Equity ............................................................................................... ii Inquiries and Next Steps .................................................................................................. iii…

    • 8374 Words
    • 34 Pages
    Powerful Essays
  • Better Essays

    Coveyancing

    • 734 Words
    • 3 Pages

    4. The Vendor told us that he is hoping to settle the court matter soon which will assure that the land will be free from encumbrances. The undertaking to settle the court matter is an undertaking to free the property from such encumbrances. If title is conveyed with such encumbrances we should not be compelled to accept the purchase of the property because it is not that which contractually the Vendor has undertaken to give: Re Atkinson’s and Horsell’s Contract [1911]…

    • 734 Words
    • 3 Pages
    Better Essays
  • Good Essays

    That the VENDOR in executing this conveyance, hereby reserves the right to REPURCHASE, and the VENDEE is accepting same, hereby obligates himself to RESELL the above-described real property together with all the improvements found thereon, herein conveyed within a period of two (2) years from and after the date of this instrument particularly on the 14th of March 2011, provided, however that if the VENDOR shall fail to exercise his right to become absolute and irrevocable without the necessity of drawing up a new DEED OF ABSOLUTE SALE, subject to the requirements of the…

    • 455 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Business Law SS 2013 Cermeno Nathaly, Dinye Syafitri Hernanda Formalities in Contract Law – Comparative view OVERVIEW: 1. GENERAL DEFINITION OF A CONTRACT 2. FORMALITIES IN THE GERMAN CONTRACT LAW • WRITTEN FORM • NOTARIAL RECORDING •…

    • 2601 Words
    • 11 Pages
    Powerful Essays
  • Powerful Essays

    Question Business Law

    • 2042 Words
    • 9 Pages

    FC held : The consideration was adequate because the respondent has agreed to transfer the land to the appellant for $500. There was a valid contract.…

    • 2042 Words
    • 9 Pages
    Powerful Essays
  • Good Essays

    World Food Fair Ltd

    • 567 Words
    • 3 Pages

    As the court had to decide whether there was a concluded agreement, the Court of Appeal’s found that the payment of the deposit and going into possession were sufficient acts of part performance which leaded to a concluded contract. The Final Court of Appeal made decision against and overturned the decision of the Court of Appeal. No concluded contract was made because the evidence does not support the existence of interim agreement. The acts of part performance which was critical evidence of The Court of Appeal’s decision was defined as equivocal acts which could not show the intention to contract.…

    • 567 Words
    • 3 Pages
    Good Essays
  • Better Essays

    Memorandum of Agreement

    • 1060 Words
    • 5 Pages

    This Memorandum of Agreement (herein referred to as “Agreement”) is made and entered into the City of Cabanatuan, Philippines by and between:…

    • 1060 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    Memorandum

    • 1464 Words
    • 6 Pages

    Although “Pizza Hut” has made a lot of improvement but they still have not meet the customers’ high expectation. One of the concerns is the poor quality of service in Pizza Hut. Customers complained about the Pizza Hut’s slow and tardy services which are very time consuming.…

    • 1464 Words
    • 6 Pages
    Powerful Essays
  • Powerful Essays

    Memorandum of Agreement

    • 491 Words
    • 2 Pages

    1 The following documents shall be deemed to form and be read and construed as part of this Agreement.…

    • 491 Words
    • 2 Pages
    Powerful Essays
  • Good Essays

    Memorandum

    • 1904 Words
    • 8 Pages

    Service Agreement – the First Party undertakes to accept the qualified students of the Second Party.…

    • 1904 Words
    • 8 Pages
    Good Essays