option contract scenario

 

QUESTIONS

(a) When the developer learns what Alice has done, he sues her for breach of contract. What result? Explain fully.

(b) How would your answer differ, if at all, had the developer paid Alice $5,000 at the time she agreed to hold the offer open? Why?

(c) Assume, as in (b), that the developer did pay Alice the $5,000. How would your answer differ, if at all, had Alice’s promise to hold the offer open been oral instead of written? Why?

(d) How important is it that Alice notify the developer that she is withdrawing her offer before she agrees to seller to the other buyer? Explain fully.

 

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