Re: [tips_and_tricks] Promise 4 Promise=Adequate Consideration
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, §1, eff. Jan. 1, 1995.----- Original Message -----From: LegalbearSent: Wednesday, September 12, 2012 12:23 PMSubject: [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:
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)