Cengage Advantage Books: Law for Business 18th Edition by John Ashcroft ,Janet Ashcroft

تمرين 13

Brothers Tom and John Silbernagel sued their brother Steven and his wife, Jane, over a parcel of real estate. They reached a settlement agreement by which Steven and Jane agreed to pay Tom and John $150,000 for their interests in the real estate. Steven and Jane would have a reasonable time to secure financing to raise the money. It was later determined that Betty Jo Elliot, a cousin of the brothers, owned a 1/12 interest in the real estate. As a result, Steven and Jane were unable to borrow $150,000 on their interest in the real estate. When Tom and John sued them for the $150,000, Steven and Jane claimed the agreement was discharged because the purpose could not be achieved. They could not borrow the $150,000, and they did not get title to 100 percent of the real estate. Was the contract discharged by impossibility of performance?