Reference no: EM133592105

Question: Consider this: Oscar the Grouch wants to move from his trashcan. He enters into an oral contract to purchase a tract of land from Grover. The land is considered worthless, but Oscar feels that he has discovered a possible usage that would drastically increase the value of the land. To assure himself of the potential value of the land, Oscar orally hires an attorney to investigate the title and records associated with the land in question. Before gaining any information from his attorney, Oscar orally contracts with a builder to construct a huge building on the site. Because of the size of the project, completion time is difficult to predict. Oscar now discovers that the land is indeed useless, a fact that he obtains through information from his attorney. Oscar now refuses to honor his contracts with Grover, his attorney, and the builder. Discuss: Must Oscar honor his contractual agreements?