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On August 9, 1995, McCarthy executed an offer to purchase Tobin’s real estate on a pre-printed form generated by the Greater Boston Real Estate Board. The OTP contained, among other provisions, a description of the property, the price to be paid, deposit requirements, limited title requirements, and the time and place for closing
The OTP required that the parties “shall, on or before 5 p.m. August 16, 1995, execute the applicable Standard Form Purchase and Sale Agreement recommended by the Greater Boston Real Estate Board. which, when executed, shall be the agreement between the parties hereto.” In the section containing additional terms and conditions, a typewritten insertion states: “Subject to a Purchase and Sale Agreement satisfactory to Buyer and Seller.” The OTP provided, “Time is of the essence hereof.”
On August 16, 1995, sometime after 5 p.m., Tobin’s lawyer sent a first draft of the purchase and sale agreement by facsimile transmission to McCarthy’s lawyer. Over the next 10 days, the lawyers for the two parties discussed changes to the first draft of the purchase and sale agreement and on August 26, McCarthy signed the agreement and his lawyer forwarded the signed agreement and deposit money to Tobin’s lawyer via overnight delivery.
On August 26, Tobin accepted an offer from a second buyer, Davis. On August 27, Tobin’s lawyer told McCarthy’s lawyer that Tobin had accepted Davis’s offer.
Was the offer to purchase executed by McCarthy and Tobin a binding contract? Explain why you think your answer is correct.
Time for Tort Reform? (graded) |
In 2008, torts cost an average of $838 per year for every American. The 2011 update from Towers Watson yielded the following key findings.
- U.S. tort costs increased by 5.1% in 2010. The increase is attributable to the April 2010 Deepwater Horizon drilling rig explosion and resulting oil spill in the Gulf of Mexico. Absent the cost from this event, tort costs would have shown an overall decrease of 2.4% in 2010.
- The U.S. tort system cost $264.6 billion in 2010, which translates to $857 per person, versus $820 per person in 2009.
Are tort cases costing too much? Are Americans too litigious? Is it time for tort reform? What do you think? Remember to give reasons for your opinions.
