Npc Contracts Assignment 1

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MEMORANDUM From: N/A To: Reader Date:04/21/2016 Re: Vivian v Bernie: Mutuality of Consideration [Facts] On February 1st, Bernie put his 2006 Ford Fusion up for sale. Vivian contacted Bernie on March 1st interested in purchasing his vehicle. Bernie extended an invitation to Vivian on March 5th for them to meet in order to further discuss negotiations. Vivian met up with Bernie at his place of residence on March 10th, they agreed on a purchase price of $12,500. Vivian informed Bernie that she needed an additional three weeks in order to obtain the funds. Bernie agreed to give Vivian until March 31st to purchase the vehicle under the condition that she put down a $1,000 deposit. Vivian agreed to the contract terms written by Bernie as…show more content…
Both parties must be bound.” Both parties must be required to perform under the contract, “in other words, it must be enforceable originally, or not at all.” Sayres v. Wheatland Group, L.L.C., 79 Va. Cir. 504 (Va. Cir. Ct. 2009). As stated by The Circuit Court of Fairfax County, Virginia "if it appears that one party was never bound on its part to do the acts which form the consideration for the promise of the other, there is a lack of mutuality of obligation and the other party is not bound." Busman v. Beeren & Barry Invs., LLC, 69 Va. Cir. 375 (Va. Cir. Ct. 2005). [Analysis/Application] Like the cited cases above, our case of Vivian v. Bernie lacks mutuality of consideration. The reason being, Bernie never bound himself to the contract signed by both parties. When Bernie wrote “In the event that the seller breaches this agreement, the seller must refund the purchaser's deposit, but the parties shall be limited to this remedy and only this remedy” He freed himself of any duty of having to perform his part of the contract. "[b]uyer's sole [506] remedy in law or at equity in the event of Trustee's default shall be a refund of the deposit hereby received and, upon the delivery of the deposit refund, this agreement, and the sale contemplated by this Memorandum of Sale shall be null and void." Id. Sayres v. Wheatland Group, "by this clause, [the trustee] frees himself of any obligation to perform his contract

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