It Is Common for Transactions to Involve Multiple Contracts

question 70

Essay

It is common for transactions to involve multiple contracts. Identify at least four contracts that might be involved in Costello's sale of land to Johnston.

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Definitions:

Part Performance

A doctrine that permits the courts to enforce an unwritten contract concerning land where certain conditions have been met.

Specific Performance

A legal remedy where a court orders a party to perform their obligations under a contract, rather than simply paying damages for breach.

Memorandum

A written record or communication used in business or diplomatic activities.

Statute of Frauds

A rule of law mandating that some agreements must be documented in written form to be legally binding.