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21. For which party is the court likely to find?
The buyer brought an appropriate action against the seller for breach of contract.
The seller asked the buyer if she would agree to rescind the contract. The buyer refused. The seller then told her that he would not complete the transaction, contending that the contract was unenforceable under the statute of frauds because an essential element (time for performance) was not agreed upon by the parties and was not expressly stated in the written agreement. The seller sold the land to the third party.
Fifteen days after the contract was signed, the seller learned that he could sell the land to a third party for $200,000.
A buyer and a seller entered into a written contract for the sale of an identified parcel of land. The contract expressly provided that the buyer was to pay $150,000 cash for the land at the time of the closing but did not state the closing date. The parties had not agreed on the closing date because the buyer was not sure at the time the contract was signed how she would raise the cash.
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A is incorrect. The buyer should prevail, but unjust enrichment does not apply to a situation where the claimant has not given anything of value.
C is incorrect. While the lack of an essential element may sometimes implicate the Statute of Frauds, there is no rule requiring parties to a contract for the sale of real property to agree in writing to the timing of performance. In such a case, a court will infer that performance within a reasonable time was intended.
D is incorrect. Time is not presumed to be of the essence unless it is so stated in the contract. If the parties to a contract for the sale of real property do not agree on a time for performance, the court will infer that performance within a reasonable time was intended.