BMGT 380 Lecture 12: 380-12 cases.docx

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 380
• Professor: Reyna

Document Summary

Bob acres, llc v. schumacher farms, llc. Bob acres buys 25 acres of land from schumacher for 70,000 with 60 days before close of sale before aug 14th, 2006. Written contract with promises and said schumacher received a earnest money payment - never discussed or received until lawsuit was brought up. Bob contacted throughout and never heard a response schumacher principal said would contact lawyer right away, but nothing done till fall 2006. In december schumacher says the sale is over breach of contract but they say wasn"t a purchase agreement but an option and they never paid the 500 so left him without consideration. Consideration existed in mutual promises of parties (corbin on contracts - contract law) Promise is sufficient consideration for a return promise. Doesn"t matter that it wasn"t actually paid because it was a false recital. It is merely an assurance of good faith and that wasn"t in question.