Sam Agreed to Sell His House to Joe for $400,000

question 48

Essay

Sam agreed to sell his house to Joe for $400,000, and although the agreement was not in writing, Joe gave Sam $25,000 as a deposit. Sam gave Joe a receipt for the $25,000, indicating that it had been received but not stating for what purpose. In the absence of any other writing, is this contract enforceable? Explain.

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Definitions:

Online Businesses

Online Businesses operate on the internet, selling goods or services directly to consumers through digital platforms without a physical storefront.

Full Disclosure

Obligation to provide all relevant information and facts to the other party, particularly in financial transactions or legal agreements.

Unilateral Mistake

A misinterpretation or error made by one party in a contract, which does not usually affect the enforceability of the contract.

Ethical Rule

Guidelines or principles designed to govern behaviors within specific professional fields or societal norms.