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Promise 4 Promise=Adequate Consideration

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  • Legalbear
    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
    Message 1 of 2 , Sep 12, 2012
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      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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    • The Handyman
      When one agrees to sell and another agrees to buy title is past. CHAPTER 4. HOW THE CONTRACT OF SALE IS TO BE PERFECTED Louisiana Civil Code Art. 2456.
      Message 2 of 2 , Sep 12, 2012
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        When one agrees to sell and another agrees to buy title is past.

         

        CHAPTER 4.  HOW THE CONTRACT OF SALE

        IS TO BE PERFECTED

        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

        Call me at: 720-675-7230

        On Skype: legalbear

        Best times to call: 8:30 am to 9:00 pm MST

        Join my Yahoo Group Tips & Tricks for Court by sending an email to:

        tips_and_tricks-subscribe@yahoogroups.com

        My blog: legalbearsblog.com

        Tax sites: IRSTerminator.com IRSLienThumper.com IRSLevyThumper.com

        (formatted like this so this email doesn't end up in your spam folder)

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