In reference to Schweiter v. Halsey (pg. 481). I understand the contract was unenforceable bc it failed to satisfy the stat. of frauds yet the seller was able to retain the deposit because he was ready, willing, and able to move forward with the sale...
The question I have is: how would the result differ if the buyer was able to obtain financing? Subsequent to the closing the seller wants to void the K citing the stat. of frauds.? Who gets to keep the deposit under these circumstances?
Assume I am plaintiff's counsel (I rep the buyer in this real estate transaction). Is it in my clients best interest for me to argue that the sellers acted in bad faith by defaulting? If I can successfully prove bad faith, would the court consider awarding my client "benefit of the bargain" damages equal to the #355,000 sought (considering I am able to prove that they had a bona-fide purchaser ready willing and able to buy the property at $1,800,000 as stated)?
In reference to Schweiter v. Halsey (pg. 481).
ReplyDeleteI understand the contract was unenforceable bc it failed to satisfy the stat. of frauds yet the seller was able to retain the deposit because he was ready, willing, and able to move forward with the sale...
The question I have is: how would the result differ if the buyer was able to obtain financing? Subsequent to the closing the seller wants to void the K citing the stat. of frauds.? Who gets to keep the deposit under these circumstances?
Thank you.
Regarding Wolf v. Cohen (p. 587).
ReplyDeleteAssume I am plaintiff's counsel (I rep the buyer in this real estate transaction). Is it in my clients best interest for me to argue that the sellers acted in bad faith by defaulting? If I can successfully prove bad faith, would the court consider awarding my client "benefit of the bargain" damages equal to the #355,000 sought (considering I am able to prove that they had a bona-fide purchaser ready willing and able to buy the property at $1,800,000 as stated)?
Thank you.
In terms Halsey, subsequent to closing indicatestha there is contract, so the hypo doesn't work-- if have closing, you have a contract.
ReplyDeleteUsually, bad faith is no availale absent a statte. You could try, but it is more of a research question in the jurisdiction.
ER