Please do not go over contract formation issues Statute of
Please do not go over contract formation issues Statute of Frauds…. Please do not go over contract formation issuesStatute of Frauds. IRAC Frances has lived in an apartment for ten years when she decides to buy a house. Her one-year lease will end on May 1. On April 15, she orally contracts to buy Frank’s house for $100,000, with the closing (transfer of the deed) to take place on June1. Frank’s lawyer, who is out of town on vacation, is to draft a written contract of sale on his return to his office on May 15. Because Frances’s lease is terminating, Frank agrees to let her take possession of the house on May 1 if Frances gives him a down payment on the house of $5,000. Frances agrees and gives Frank the $5,000. She moves into the house on May 2, and the following weekend plants trees in the back yard. On May 10, Frank receives a written offer from Green to buy Frank’s house for $120,000. Frank accepts Green’s offer, asks Frances to move out of the house, and tries to return the $5,000 to Frances. Frances claims that she has an enforceable contract to buy the house. Frank claims that any such contract must be in writing to be enforceable under the Statute of Frauds. Analyze using IRACBusiness Management Business Law BUS 120
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