John orally agrees to sell his land to Mary for $50 000.00,and Mary gives John a deposit of $15 000.00.The agreement is to close (be completed)in 30 days.Two days later,John gives Mary a note saying,"I know that you are buying the land to develop it." Five days after this,John tells Mary he has changed his mind and refuses to sell her the land,and Mary accepts this.In a lawsuit by Mary to recover her deposit

Question

Quizplus · Accepted Answer

John breached the oral agreement by refusing to sell the land, and Mary accepted the breach. This constitutes a total failure of consideration, meaning that Mary did not receive what she bargained for (in this case, the land) despite fulfilling her end of the agreement (by providing the deposit). Therefore, she is entitled to recover her deposit. The fact that the agreement was not in writing or that the time for completion had not yet occurred does not negate John's breach and Mary's right to recover her deposit.

John Orally Agrees to Sell His Land to Mary for $50