BLAW 3201 Chapter : ANSWERS TO PROBLEMS CHAPTER 12
Document Summary
In consideration of paid to him by joyce, hill gave joyce a written option to purchase his house for ,000 on or before april 1. Prior to april 1, hill verbally agreed to extend the option until july 1. On may 18, hill, known to joyce, sold the house to gray, who was ignorant of the unrecorded option. Consideration was paid to hill for holding the property for the specified time subject to the right of joyce to exercise the option whether to buy or not. When the time limit expired, the contract was at an end and the right under the option was extinguished. Of course, if that right were extended by some valid binding agreement, then it could be enforced. Joyce did not attempt to exercise the option and complete a contract of purchase within the time limited by the written agreement.
