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Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921 Exercise 6
After the borrower defaulted on a $16.8 million note, Principal Life Insurance Co. (Principal), who owned the note, asked its employee, Michael Logsdon, to sell it. Paul Cheng agreed to buy the note for $14.3 million. Logsdon sent Cheng a blank purchase and sale agreement (PSA). Logsdon phoned Cheng and told him that Principal's Investment Committee had approved the sale and asked for a written PSA. Cheng said, "I agree to it.... I accept it." He sent Logsdon a PSA with changes, including altering: the buyer from Cheng to Revalen Development, the price from $14.3 million to $14.299 million, and the earnest money from $71,500 to $100. The defaulting borrower and Principal agreed to refinance the note so it was no longer for sale. Revalen sued, alleging breach of an oral contract. Principal claimed there had been no offer. Had there been an offer?
Explanation
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The question is whether the company PLI ...
Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
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