Read the case study below and answer the questions below.
Remember this assignment is submitted on TURNITIN.
CHAPTER: Performance and Breach of Contracts
On April 13 the Barclays signed an agreement to purchase certain property owned by the Taylors for the sum of $15,500. The purchase and sale agreement did not specify a form of payment except that the purchasers were to pay a deposit of $500 in cash and the balance on closing. The date of closing was set out in the agreement as July 1. The agreement also contained the following provision:
This sale is conditional for a period of 15 days from the date of acceptance upon the Purchaser being able to obtain a first mortgage in the amount of ten thousand dollars ($10,000); otherwise, this agreement shall be null and void and all deposit monies shall be returned to the Purchaser without interest or penalty. This Sale is also conditional for a period of 15 days from the date of acceptance upon the Purchaser being able to secure a second mortgage in the amount of $2,500 for a period of five (5) years; otherwise, this agreement shall be null and void and all deposit monies shall be returned to the Purchaser without interest or penalty.
The Barclays were able to arrange for a first mortgage of $12,000 and on April 28 a notice in the following form was delivered to the Taylors:
This is to notify you that the condition specified in the agreement of purchase and sale between the Vendors and Purchasers has been met. The transaction will therefore close as per the agreement.
On July 1 the Barclays presented a certified cheque to the Taylors in the amount of $15,000. The Taylors, however, refused to deliver the deed to the Barclays on the grounds that the condition in the purchase and sale agreement had not been complied with. The Barclays then instituted legal action against the Taylors.
Discuss the nature of this action and the defenses, if any, that may be raised. Render a decision.
0 pts F equivalent Average
50 pts C equivalent Exemplary
100 pts A equivalent
Identify the legal issues in the cases
1 Mark Poor
Identifies & understands almost none of the issues presented in the case study Average
Identifies & understands some of the main issues in the case study Exemplary
Identifies & understands almost all of the main issues in the case study
Laws and Precedents
Identify the laws and legal precedents that pertain to the legal issues
2 Mark Poor
Identifies, demonstrates and/or understands none of laws and legal precedents for the case study Average
Identifies, demonstrates and/or understands some of laws and legal precedents for the case study Exemplary
Identifies, demonstrates and/or understands all of laws and legal precedents for the case study
Analysis of Issues
For each issue, compare both existing legislation and case law with the facts presented in this case.
3 Marks Poor
Was not able to analyze the issues using facts presented, laws and case precedents and/or was not able to separate issues for analysis. Average
Somewhat thorough analysis of the issues presented using the facts presented, laws and case precedents and handled each of the issues separately prior to coming to a grand or universal resolution Exemplary
Very thorough and insightful analysis of each of the the issues using the laws and precedents and handled each of the issues separately prior to coming to a grand or universal resolution
For each issue presented, and based upon existing law. discuss and determine how each issue should be resolved.
3 Mark Poor
Did not make a decision on the issues presented based on precedent, and did not defend the case Average
Somewhat clearly made a decision based on the issues and precedent Exemplary
Clearly made a decision based on the issues and precedent – i.e., demonstrated mastery of the process
Reason for Answer
Was able to communicate logically why he/she chose the winner in the case.
1 Mark Poor
Did not defend the case Average
Logically explained decision in the case on a basic level. Exemplary
Thoroughly and logically explained decision in the case.More Essay Samples: Strategies for Addressing Questions »First Assignment – Introduction to marketing