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Lance Johnson one of our BUS140 alumni inherited a vacant lot located in a small village known as…

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Lance Johnson one of our BUS140 alumni inherited a vacant lot located in a small village known as Green Valley Lake in the San Bernardino mountains. Green Valley Lake’s elevation is 7,100 feet with a population of about 300 full-time residences. It is located between Lake Arrowhead (elevation 5,100 feet with a population of 12,000) and Big Bear Lake (elevation 6,700 feet with a population of 5,200). Lance loves the thought of the local fishing in the summer, easy snow skiing access to Big Bear’s Snow Summit and the quick drive to the elegance of Lake Arrowhead but he needs money to complete his undergraduate education. Fortunately, he’s found a buyer. During a conversation after class, he agrees to sell the lot to his fellow BUS140 student Judith Ceja for $50,000. The payment terms are “one-half payable now as a down payment; one-half payable in 90 days at the time of closing of escrow when the title will be transferred.” Judith is to take possession immediately, before the closing. Judith pays Lance $25,000, takes possession of the land, and starts building a cabin. At the time of closing, Judith has made a substantial beginning on the lot improvements. However, Lance, having second thoughts, refuses to transfer the title, claiming the oral contract is not enforceable. This contract is:

a. enforceable, because Judith has partially performed the oral contract and made improvements on the land.

b. unenforceable, because the parol evidence rule applies.

c. unenforceable, because the subject matter of the agreement is “land” and there is no writing signed by either Lance or Judith.

d. enforceable, because the statute of frauds does not apply to this interest in land.

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