Pascale Bought a Piece of Land Called Blackacre from Jeff

question 72

Essay

Pascale bought a piece of land called Blackacre from Jeff.The purchase price was $500 000.The purchase was made entirely on credit.Although Pascale has taken possession of Blackacre, she has not paid any part of the purchase price, despite being required to do so by the sales agreement.Jeff wants to have Blackacre seized and sold in order to provide a fund with which the purchase price can be paid.Unfortunately for him, he did not receive a mortgage over Blackacre.Is there any other basis upon which he can take action against Blackacre in order to receive payment? Explain your answer.

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Definitions:

Quarter's Profit

The net income or earnings generated by a company during a specific quarter of its fiscal year.

Partnership

An authorized commercial operation formed by two or more participants who equally handle management duties and share the profits.

Reinsure

A practice where an insurance company transfers a portion of potential risk to another insurer to reduce its overall liability.

Insurance Premium

The amount paid periodically to an insurance company by the policyholder for covering their risk.