Albert Owns a Piece of Land Called Blackacre

question 15

Multiple Choice

Albert owns a piece of land called Blackacre.He has accepted Dawn's offer to buy it for $200 000.That agreement of purchase and sale is, however, conditional on Dawn's ability to sell Whiteacre, a property that she currently owns.Which of the following statements is most likely TRUE?

• A)The parties' agreement is subject to a condition subsequent.
• B)If Dawn changes her mind, she is fully entitled to avoid purchasing Blackacre simply by refusing to seek a purchaser for Whiteacre.
• C)Albert can waive the condition and insist upon performance of the sale if Dawn is unable to find a purchaser for Whiteacre.
• D)Although the contract is subject to a condition, Dawn must immediately make a good faith attempt to sell Whiteacre.
• E)The existence of the condition means that the parties will not have a contract unless and until Dawn sells Whiteacre.

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Definitions:

Representativeness Heuristic

A thinking strategy based on how closely a new object or situation is judged to resemble or match an existing prototype of that object or situation.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method, or decision.

Additive Strategy

A decision-making approach in which each alternative is rated on each of the important factors affecting the decision and the alternative with the highest overall rating is chosen.

Analogy Heuristic

A rule of thumb that applies a solution that solved a problem in the past to a current problem that shares many features with the past problem.