LAWS 4175 Lecture Notes - Lecture 18: Farm Credit System, Real Estate Broker, Consideration
28 Dec 2020
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Berryman"s land: berryman and kmoch next talked in late july of that year by telephone, during this call, berryman asked kmoch if he could be released from the option agreement. Nothing definite was worked out between them: berryman sold the land to another person (didn"t tell berryman he sold it). In august, kmoch decided to buy the land and made preparations with the federal land. In october of that year, kmoch sent a letter to berryman, attempting to exercise his option on the land: berryman responded to this letter by bringing the action to declare the option null and void. Rational: like any other contract, there must be consideration for the contract to be valid. Otherwise, the option is no more than an offer to sell which may be revoked at any time prior to acceptance: court cites marker v. preferred fire ins. Holding: the judgment is affirmed, berryman was within his right to revoke the offer.
