In the Presence of Several Witnesses,A Verbally Agreed to Purchase

question 18

True/False

In the presence of several witnesses,A verbally agreed to purchase B's farm for $175,000.The next day,B changed his mind,and refused to sell the farm to
A.On the strength of the verbal agreement of purchase and sale made in the presence of witnesses,A sued B for breach of contract and for a decree of specific performance to compel B to sell him the farm.Assuming the verbal agreement is unenforceable,the contract would still exist.

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Definitions:

Mortgage Loan

A loan secured by the collateral of specified real estate property, which the borrower is obliged to pay back with a predetermined set of payments.

Compounded Monthly

Interest calculation method where interests earned themselves earn interest, recalculated on a monthly basis.

Interest

The cost of borrowing money or the payment received for deposit funds, usually expressed as a percentage rate over a period of time.

Present Value

Today's equivalent monetary worth of future cash sums or flows, discounted at a specific rate of return.