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:

Financial Future

A contract to buy or sell a specified asset at a predetermined price at a specified time in the future, often used to hedge risk or speculate.

Commodity Future

A commodity future is a legally binding agreement to buy or sell a particular commodity asset, or its monetary equivalent, at a predetermined price at a specified time in the future.

Expected Fall

The anticipated decrease in the price or value of an asset or market, often based on current trends, analyses, or market conditions.

Interest Rates

The percentages at which money is borrowed or lent, serving as a critical economic indicator and tool for monetary policy.