Purchase/Sale Contract law questions.what would you allege in the suit?How many causes of action would u have?
On or about November 20, 2003, the Mrs. Smith entered into a Purchase/Sale Contract with Mr. Jones in which the parties agreed to sell and buy the immovable property with municipal address 875 West Railroad Ave., Independence, Louisiana, for the purchase price of $150,000.00. Within the same Purchase/Sale Contract the parties agreed to sell and buy the interest in a grocery business, Independence Supermarket, for the price of $100,000.00 and a trailer home located on the immovable property for the price of $40,000.00. Pursuant to the said contract, the price of the inventory shall be determined after an accounting of the inventory. On February 12, 2004, the parties amended the terms of the Purchase/Sale Contract dated November 20, 2003. Under the written renegotiated terms, the parties agreed to sell and buy the immovable property, business, and trailer for the same price of $290,000.00, but that the inventory, after a full accounting, was to be reduced by 20%. After amending the Purchase/Sale Contract, the parties closed the sale of the immovable property at the agreed upon purchase price of $150,000.00. After the sale of the immovable property, Mr. Jones again renegotiated the price of the business even though the parties have previously agreed on the purchase price of $100,000.00. After relentless pressure from the Mr. Jones, the Mrs. Smith agreed to reduce the purchase price of the business to $50,000.00. Thus, the Mr. Jones paid Mrs. Smith the sum of $90,000.00 for the interest in the business and the trailer home. Before the sale of the business interest in Independence Supermarket, an accounting of the inventory was performed by Inventory Service Company on March 7, 2004, and the total value of the inventory was $200,251.25. On April 22, 2004, the Mr. Jones partially paid the Mrs. Smith $80,000.00 for the inventory of Independence Supermarket.
You were asked by Mrs. Smith to sue Mr. Jones...
What would you allege in the suit?
How many causes of action would you have?
How would you argue your case?
- Anonymous10 years agoFavorite Answer
I REALLY only see one ause of action, and that is the balance remaining for the inventory.
In your original description, you list the Property, the business, and the mobile home as three seperately negotiated deals. Only Once did you mention a negotiation of a single price for the three items. But when it came time to close the deal, the property was sold first, which nullified the negotiation of one total price.
I agree that now that Mr. Jones owns the property, it gives him leverage that he would not have if he were not the landowner, but it is not his fault that Mrs. Smith allowed it to happen that way. So he negotiates a better deal on the business, so what?
But he clearly owes her for the inventory, minus twenty percent, minus what was already paid, plus reasonable interest.