1,732
24
Essay, 2 pages (300 words)

Buying the farm

Buying the farm Buying the farm An oral contract is a mutual agreement between two or more parties to purchaseor sell or enter into a business transaction by the word of mouth or where there is no existence of written evidence (Hinkel, 2007). The general purpose why a contract is drawn is to protect the rights and interest of each party involved in the transactions and to help to solve any disagreement that may emerge later (Hinkel, 2007). Oral contracts are usually drawn when the parties involved agree to be bound in their transactions through the use of unwritten agreements and where the transactions involved are not bound by the requirements of statute of frauds (Hinkel, 2007). From the case of Tim to purchase a farm from Mary Ann and complete the arrangement on oral ground is a contract which is not enforceable as it is against the statute of frauds which require some contracts to be in writing and should be signed by all parties who are to be bound by the contract (Hinkel, 2007). This is to prevent injury of any party due to any fraudulent conduct (Hinkel, 2007).
The contract between Tim and Mary Ann, which involves the transactions in a farm, is not enforceable because the following conditions were not met, there was no legal capacity of the parties into the contract because the contract was made contrary to what the law provides, there was lack of mutual agreement as the parties failed to agree on a written platform, the oral contract lacked the lawful purpose and intention as the contract was arrived at, contrary to the laws (Hinkel, 2007). Lastly the contract lacked a written agreement, which is provided in the statute of the frauds which demand such contracts to be in writing (Hinkel, 2007). These conditions make the contract invalid and unenforceable.
In conclusion, the oral contract between Tim and Mary Ann could not be enforced under the agreements of sale the property.
References
Hinkel, D. (2007). Practical Real Estate Law. New York: Cengage Learning

Thank's for Your Vote!
Buying the farm. Page 1
Buying the farm. Page 2
Buying the farm. Page 3

This work, titled "Buying the farm" was written and willingly shared by a fellow student. This sample can be utilized as a research and reference resource to aid in the writing of your own work. Any use of the work that does not include an appropriate citation is banned.

If you are the owner of this work and don’t want it to be published on AssignBuster, request its removal.

Request Removal
Cite this Essay

References

AssignBuster. (2022) 'Buying the farm'. 22 January.

Reference

AssignBuster. (2022, January 22). Buying the farm. Retrieved from https://assignbuster.com/buying-the-farm/

References

AssignBuster. 2022. "Buying the farm." January 22, 2022. https://assignbuster.com/buying-the-farm/.

1. AssignBuster. "Buying the farm." January 22, 2022. https://assignbuster.com/buying-the-farm/.


Bibliography


AssignBuster. "Buying the farm." January 22, 2022. https://assignbuster.com/buying-the-farm/.

Work Cited

"Buying the farm." AssignBuster, 22 Jan. 2022, assignbuster.com/buying-the-farm/.

Get in Touch

Please, let us know if you have any ideas on improving Buying the farm, or our service. We will be happy to hear what you think: [email protected]