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Mayra offers to sell her home to Hanna for "about $100,000 plus closing costs" Hanna accepts Mayra's offer. Later, a dispute arises over the precise dollar amount

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anthougo

The way a court will resolve this dispute is e) The court will declare the purchase price and terms too indefinite to create a binding contract.

What makes a binding contract?

  • For a contract to be considered legally binding on the parties, it must comply with the elements of contracts, including:
    Offer and acceptance
  • Consideration
  • Mutual intention
  • Legality
  • Capacity.

What is consideration?

A consideration is a promise of some valuable thing offered by a promissor in exchange for something of value by a promisee.

The rules of consideration ensure that there is a mutual agreement between the promisor and the promisee about its value and also in the eyes of the law.

Thus, in this case, the court will declare the purchase price and terms too indefinite to create a binding contract.

Learn more about vague considerations in contracts at https://brainly.com/question/17083291

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Question Completion with Answer Options:

Hanna accepts Mayra's offer but later, a dispute arises concerning the precise dollar amount of the purchase price. How will a court resolve this dispute?

a) The court will determine a reasonable price to be paid by Hanna.

b) The court will determine that Hanna pays only the figures mentioned in the contract.

c) The court will appoint a licensed real estate appraiser to determine the price to be paid by Hanna.

d) The court will require Hanna to pay the average of her price and Mayra's price.

e) The court will declare the purchase price and terms too indefinite to create a binding contract

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