Your real estate development company enters into an oral purchase agreement with the owner of land that contains several barns located out in the country. Your plan is to raze the barns and build a strip mall. One of the barns contains various construction equipment. You also verbally agree to purchase the equipment for $2,000, along with paying off any associated debt. You deliver a check to the land owner for the price of the land and the barns. In return you receive a deed to the land along with a note that says, "happy you are taking that equipment off my hands!" After starting demolition of the barns, you decide that you will no longer need the construction equipment. Where do you stand with the deal?

Question

04-05-2020
Business

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Your real estate development company enters into an oral purchase agreement with the owner of land that contains several barns located out in the country. Your plan is to raze the barns and build a strip mall. One of the barns contains various construction equipment. You also verbally agree to purchase the equipment for $2,000, along with paying off any associated debt. You deliver a check to the land owner for the price of the land and the barns. In return you receive a deed to the land along with a note that says, "happy you are taking that equipment off my hands!" After starting demolition of the barns, you decide that you will no longer need the construction equipment. Where do you stand with the deal?

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ebrightosagie ebrightosagie · Answer 1 · 2020-05-05T08:34:44+02:00

Answer: Breach of Verbal contract

Explanation: A breach of verbal contract usually occurs when an agreement between two parties to do something, sell something, or buy something is in place and one party fails to adhere to their agreement.

Since the agreement was made orally

and payments for the land and building equipment made with a deed received with a note stating his thanks for getting the materials off his hand. This is a breach of the initial agreement which was to purchase the land and equipments, there was no written or oral agreement over a refund if the material was no longer needed.