On May 1,Dix and Wilk Entered into an Oral Agreement

question 55

Multiple Choice

On May 1,Dix and Wilk entered into an oral agreement by which Dix agreed to purchase a small parcel of land from Wilk for $450.Dix paid Wilk $100 as a deposit.The following day,Wilk received another offer to purchase the land for $650,the fair market value.Wilk immediately notified Dix that he would not sell the land for $450.If Dix sues Wilk for specific performance,Dix will:

• A)prevail,because the amount of the contract was less than $500.
• B)prevail,because there was part performance.
• C)lose,because the fair market value of the land is over $500.
• D)lose,because the agreement was not in writing and signed by Wilk.

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Definitions:

Personal Selling

A face-to-face sales technique where a seller aims to persuade a buyer to purchase a product or service, focusing on customer needs and relationship building.

Financial Remuneration

Monetary compensation or payment received for services or employment.

Exchange

The act of trading goods, services, or currencies between parties.

Neuralink

A neurotechnology company focused on developing brain-computer interface technologies.