Is sid promise illusory, Is Sid's promise illusory? Could

Is sid promise illusory

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Reference no: EM133353874

Assignment:

Problem on Contract Formation, Gap Filling and Illusory Promises

Rob is selling his house in Tucson. Jim, his agent, has found a buyer, Sid. Sid signs a contract in which he agrees to buy the house for $250,000 but the document provides that "this sale is conditional on the buyer obtaining a mortgage in the amount of $200,000 at an interest rate not to exceed five (5) percent."

· Is Sid's promise illusory? Could he simply sit on his hands and do nothing and then cancel the contract for failure of the financing contingency?

· Can you think of any measures that Rob or his agent Jim could take to reduce the risk that Sid will avoid the contract by failing to obtain financing?

Reference no: EM133353874

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