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18984Re: [tips_and_tricks] Promise 4 Promise=Adequate Consideration

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  • The Handyman
    Sep 12, 2012
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      When one agrees to sell and another agrees to buy title is past.




      Louisiana Civil Code Art. 2456. 

       Transfer of ownership

      Ownership is transferred between the parties as soon as there is agreement on the thing and the price is fixed, even though the thing sold is not yet delivered nor the price paid.

      Acts 1993, No. 841, ยง1, eff. Jan. 1, 1995.

      ----- Original Message -----
      From: Legalbear
      Sent: Wednesday, September 12, 2012 12:23 PM
      Subject: [tips_and_tricks] Promise 4 Promise=Adequate Consideration


      While the form contract involved is entitled "Receipt and Option Contract," and many of the contentions in this court are predicated on it being an option, a review of the document leads us to conclude that it is rather a contract whereby the plaintiffs promised to buy and defendant Riley promised to sell the apartment house. A promise exchanged for a promise imposes mutual obligations and is sufficient consideration to render the contract enforceable. Hoagland v. Murray, 53 Colo. 50, 123 P. 664 (1912). DeFeyter v. Riley, 606 P. 2d 453, 454 - Colo: Court of Appeals, 1st Div. 1979

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