In Early 2011, Wendy Paid $66,000 for an Option on a Parcel

question 127

Essay

In early 2011, Wendy paid $66,000 for an option on a parcel of land she intended to hold as an investment.After a survey of the land (paid for by the grantor) determined that the parcel was much smaller than the grantor said it was, she let the option lapse when it expired in 2012 after 14 months.How should Wendy treat these events in 2011? 2012?

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Definitions:

Denial Response

A reaction strategy where an individual or organization refuses to accept responsibility or the truth of a situation, often in a defensive manner.

Prospect's Objection

Any question or concern raised by a potential buyer that indicates hesitance or opposition to the product or sales offer.

Erroneous Information

Information that is incorrect, misleading, or based on errors.

Salesperson

An individual who sells products or services, often directly to customers, playing a key role in business revenue generation and customer interaction.