Fred Contracts to Sell a Certain Tract of Land to Mary

question 64

Multiple Choice

Fred contracts to sell a certain tract of land to Mary for $20,000, but the contract is silent as to the time of delivery of the deed and payment of the price.In this case, the:

• A)payment of the $20,000 and the delivery of the deed are independent of each other.
• B)delivery of the deed is a condition subsequent to the payment of the $20,000.
• C)payment of the $20,000 and the delivery of the deed are mutually dependent and, in the absence of an agreement to the contrary, are concurrent conditions.
• D)payment of the $20,000 is a condition precedent to the delivery of the deed.

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Definitions:

Market Price

The current price at which an asset or service is bought or sold in the open market.

Corporate Resolutions

Formal decisions or actions taken by the board of directors of a corporation during a meeting.

Board of Directors

A group of individuals elected by the shareholders to oversee the activities and governance of a corporation.

Corporate Powers

Legal authorities and capacities granted to a corporation by law, including entering into contracts, owning assets, and issuing stock.