U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Colorado
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-30-2008, 03:49 PM
 
Location: Colorado Springs, CO
2,221 posts, read 4,732,385 times
Reputation: 1696

Advertisements

One of the very basic elements of contract law says that to have a valid and binding contract, "consideration" must be passed by both parties. Mutual promises to do something in the future are not considered consideration until one of the promises is actually executed. So if no money passed hands, and the title wasn't deeded, I see what may have been an enforceable contract that was never, in fact, actually executed.

My guess is that two competent attorneys vs an amateur will have the contract declared invalid in about half a heartbeat. And then in another half a heartbeat, they'll have a judgement against the plaintiff for court fees and defendant legal costs.

Bob's advice: "never bring a knife to a gunfight"
Reply With Quote Quick reply to this message

 
Old 12-31-2008, 10:52 AM
 
33 posts, read 92,283 times
Reputation: 16
Quote:
Originally Posted by Bob from down south View Post
One of the very basic elements of contract law says that to have a valid and binding contract, "consideration" must be passed by both parties. Mutual promises to do something in the future are not considered consideration until one of the promises is actually executed. So if no money passed hands, and the title wasn't deeded, I see what may have been an enforceable contract that was never, in fact, actually executed.

My guess is that two competent attorneys vs an amateur will have the contract declared invalid in about half a heartbeat. And then in another half a heartbeat, they'll have a judgement against the plaintiff for court fees and defendant legal costs.

Bob's advice: "never bring a knife to a gunfight"

Once again, in my posts I discussed what transpired. He "executed" as per the guidelines of the contract. ONE, He got a board approval, TWO, he had an appraisel done and paid for it, and THREE, he scheduled an inspection. Please try and read all the info I presented before commenting. Thanks.
Reply With Quote Quick reply to this message
 
Old 01-01-2009, 11:14 AM
Status: "Celebrating 30 years as a Broker" (set 7 days ago)
 
Location: Just south of Denver since 1989
10,875 posts, read 29,268,919 times
Reputation: 7079
Quote:
Originally Posted by cheeko View Post
I wrote him a letter. I still felt we had a binding contractual agreement and I wanted it dissolved so I could call up the other gal and see if she was still interested. In the letter I sent to him it was a agreement to get out of purchasing my office. It had a place for him to sign and for me to sign and thus he would be free of all penalties. He never signed it and I never heard from him. Also in then letter was na actual real estate contract and a place where he could sign and I included a 1500 $ in earnst money. 4-5 days passed and he mailed me back our original contract, nothing more. He crossed a line through the writing and wrote "void". Underneath he wrote he was no longer buying my building. I was SOL.
You wanted to dissolve your $140,000 contract, so you could talk to another prospective buyer?

Intent. A judge is going to look at intent. No doubt, the $140 buyer has a copy of this letter, wanting to void the contract you sent to the buyer. That's it. You wanted out, he obliged you. You have no valid reason for a breach of contract suit.

It's a new year. Forget about the past and move on. Everyone makes mistakes. Don't be too hard on yourself.
Reply With Quote Quick reply to this message
 
Old 01-01-2009, 10:28 PM
 
Location: Colorado Springs, CO
2,221 posts, read 4,732,385 times
Reputation: 1696
Quote:
Originally Posted by cheeko View Post
Once again, in my posts I discussed what transpired. He "executed" as per the guidelines of the contract. ONE, He got a board approval, TWO, he had an appraisel done and paid for it, and THREE, he scheduled an inspection. Please try and read all the info I presented before commenting. Thanks.

I read what you wrote, and none of this would appear to constitute consideration on his part as it applies to contract law.

Normally, according to the stardard CO real estate contracts, earnest money is agreed to be retained as liquidated damages when a buyer defaults. 1% of the sales price ($1,400 in this case) is a rule-of-thumb for earnest money...so I fail to understand why you think you should be entitled to more than 40x that amount. Nobody forced you to accept a subsequent sale at $50K less...that's a decision you made.

Frankly, it appears that you've already royally scrooched yourself by bypassing the normal professional help used in these high-$$ transactions. A realtor of your choosing using state-sanctioned standard contract forms would have cost much less than what you've already lost.

Odds are that if you pursue this unrepresented by counsel, you're just going to add even more to your losses. And a court judgment for plaintiff's legal costs and court fees may not prove to be dischargable in bankruptcy.

"When you find yourself in a hole, it's best to stop digging."
Reply With Quote Quick reply to this message
 
Old 01-03-2009, 03:52 PM
 
33 posts, read 92,283 times
Reputation: 16
Hmm..maybe be better to take into small claims court?

the max here is $7500
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Colorado
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. | Please obey Forum Rules | Terms of Use and Privacy Policy

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top