Asked by Sailesh magar on May 22, 2024
Verified
Jennifer contracts to purchase Allison's house when Allison is transferred out of the state.The contract calls for monthly payments,but allows Jennifer to pay the remaining balance at any time.Jennifer,on June 1,sends Allison an offer to pay the balance.Allison receives the offer on June 2,but sets it aside until October 1.When Allison realizes that Jennifer has not made any payments for four months,she threatens to sue Jennifer for breach of contract.Discuss the legal rules governing this situation.
Monthly Payments
Regular payments made every month towards the repayment of a loan, mortgage, or other financial obligation.
Breach Of Contract
The failure of one of the parties to a contract to do what was previously agreed upon.
Balance
The difference between the total credits and total debits in an account, or the state of having equal weight or power.
- Examine the expectations set by contracts and the consequences of not meeting these expectations.
- Analyze the criticality of ensuring all involved parties are immediately and appropriately informed about changes in agreements.
Verified Answer
NG
Natalie GoetterMay 23, 2024
Final Answer :
Jennifer tendered payment in June and that stopped the running of interest.Allison's neglect in responding amounted to a rejection of Jennifer's tender.However,people who must pay money are not excused from paying if their tender of payment is rejected.The court will require Jennifer to tender payment.Allison has no legal basis to sue Jennifer.
Learning Objectives
- Examine the expectations set by contracts and the consequences of not meeting these expectations.
- Analyze the criticality of ensuring all involved parties are immediately and appropriately informed about changes in agreements.