Question

Louis and Greg entered into an oral contract whereby Louis would transfer real estate he owned in Long Beach to Greg. In exchange, Greg agreed to pay $300,000.00 to Louis. Two days later, Louis received an offer from Ken to buy the real estate for $500,000.00 (the real fair market value). Louis then claimed that his contract with Greg was unenforceable since there was insufficient consideration by Greg and the contract had to be in writing. Which of the following is the best description of Louis's claim as to his contract with Greg?

A. The contract did not have consideration because $300,000.00 is unreasonable given the fair market value of the real estate and was obviously made by mistake.
B. The contract was void because it was not in writing.
C. The contract had consideration because Greg agreed to pay $300,000.00 for Louis's real estate and the contract had been fully performed because there was nothing left to be negotiated.
D. The contract did have consideration but was voidable as an oral contract because Louis had not fully performed.

Answer 1

Answer: The contract had consideration because Greg agreed to pay $100K for Louis's real estate and the contract had been fully performed

Step-by-step explanation: