Cengage Advantage Books: Business Law 9th Edition by Arnold Goldman ,William Sigismond

Exercise 2

Martson, a retired professional athlete, owned a self-standing sporting goods store in a small city of about 50,000 people. He decided to retire completely and offered to sell his business, including the building, to a group of investors headed by a person named Greeves for $1 million. Greeves, without the aid of an attorney, drew up a handwritten purchase and sales agreement, signed it, and sent the document to Martson. The document was lacking an important requirement under the statute of frauds dealing with real property, namely a complete description of the property. It contained only a street address. A short time after Martson received the document, Greeves informed Martson that he decided not to go through with the contract. Martson never did sign the document.
Questions
1. Is Greeves bound by this agreement?
2. Is the fact that Martson did not sign the agreement significant?
3. Would an attorney have been helpful to the parties in this case?