Mr Buyer, the Plaintiff in the Action, Is Attempting to Enforce

question 63

Multiple Choice

Mr. Buyer, the plaintiff in the action, is attempting to enforce a contract in which the defendant, Mr. Seller agreed to sell to Buyer his property, Blackacre, for $100,000. Which of the following, by itself, would be sufficient to allow Mr. Seller to get out of the contract?

• A) The $100,000 was not enough, so was not fair.
• B) At the time of the contract, unknown to Mr. Buyer, Mr. Seller did not understand the quality and nature of this act because of mental incapacity.
• C) Although there was a letter from Mr. Seller referring to its essential terms, the contract itself was not in writing.
• D) Although both parties agreed to this, there had not actually been any money paid on the contract, not even a deposit or a down payment.
• E) The parties clearly stated that they did not want the agreement to be legally binding.

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Definitions:

Income Disparity

The unequal distribution of income within a population, often leading to social and economic inequality.

Economic Rent

Income earned from a factor of production that exceeds the owner's opportunity cost, often due to unique advantages or monopolistic control.

Economic Rent

The extra income earned by a resource owner simply because of ownership, without contributing additional work or investment.

Major League Baseball

The professional baseball organization that is the oldest of the four major professional sports leagues in the United States and Canada.