Reference no: EM132180779
The purpose is to introduce you the problems faced in Consideration.
When she was young, Francine Jacobs visited her father's farm of 540 acres in eastern Washington. Later, in 1994, June and Sam Stockton leased the land. Jacobs, a resident of Idaho, was diagnosed as having bipolar disorder 1995, Doctors hospitalized her three times, and prescribed prescription drugs for the illness which Jacobs has taken regularly.
1999, Jacobs inherited the property and a year later, discussed with the Stocktons the possible sale of the land. They discussed its value, which June replied the county tax assessor set the farm at $153,000. The Stocktons knew, though, the county's assessment the was higher - $204,500 for tax purposes. A independent appraiser found that the market value was even still higher - $242,400. On October 2nd, Jacobs agreed in a written contract to sell to the Stocktons for $155,000.
However, later Jacobs began to think the price was too low and one-sided. So, she did not deliver the deed.
The Stocktons sued Jacobs in a Washington state court and sought her to perform specifically.
At trial, an expert in real estate appraisals stated the value of the property was $242,000 at the time of the parties agreed.
Under what circumstances will a court examine the adequacy of consideration?
Are those circumstances present in this case?
Should the court enforce the contract between Jacobs and the Stocktons? Explain. Cite your textbook as a reference to support your reasoning.