Common Contracts
1 similar Genuine Agreement contracts
SOLVE THE CASES: GENUINE AGREEMENTGenuine Agreement • March 17th, 2015
On December 23, the First National Bank of Newtown had its sales agent Wyman mail a written offer to Zeller to sell a parcel of real property for $240,000. On January 10, Zeller had his purchasing agent mail a written offer to buy the property for $230,000. The same counteroffer was made in a telephone conversation on that day to Wyman, but Wyman told Zeller’s agent that the offer to sell the land was no longer in effect. When Zeller’s agent reported this news to Zeller, he promptly told his agent to wire an acceptance of the original offer at $240,000. Zeller’s agent did as ordered and the wire accepting the offer arrived before the letter containing Zeller’s counteroffer. The bank refused to sell, reminding Zeller that the offer to sell had been revoked and that its agent Wyman had so informed Zeller’s agent in the telephone conversation on January 10. Nevertheless, Zeller sued the bank for specific performance and for damages.
