You Verbally Agree to Buy a House for $250,000

question 59

Multiple Choice

You verbally agree to buy a house for $250,000. When the contract is prepared, the price is accidentally typed in as $25,000 rather than $250,000, but no one notices it until after you and the seller sign the document. At that point, you claim you only have to pay $25,000 and you claim that was the price you had agreed to originally. The court will say you are:

• A) correct; under the Statute of Frauds, written documents control, not oral statements
• B) correct; under the Statute of Frauds, written documents for real estate control the deal
• C) incorrect; the consideration ($25,000) is insufficient given the value of the house
• D) incorrect; promissory estoppel requires the price to be $250,000
• E) none of the other choices

Understand the significance of being the frontline emissary for a company.

Know the components and importance of the personal selling process.

Realize the ethical and legal responsibilities in sales.

Learn the value and impact of strong customer relationships in sales.

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Definitions:

Negatively Linearly Related

Describes the relationship between two variables where an increase in one variable results in a decrease in the other, represented by a negative correlation coefficient.

Standard Error of the Estimate

A measure indicating the typical distance between the actual data points and the line of best fit in a regression analysis.

True Regression Coefficients

The actual values of the coefficients in the population regression equation, which describe the relationship between independent and dependent variables.

Y-Intercept

The point at which a line crosses the y-axis in a graph, representing the value of the dependent variable when the independent variable is zero.