Reference no: EM131167684
Sarah and Eddie Hogan wanted to sell 2.5 acres of land through their real estate agent, Darita Richardson. On December 10, 2001, Warren Kent offered to purchase the land for $52,500. An "Agreement to Buy or Sell" was created, which Kent signed right away. One term of the agreement was that the offer would expire on December 11, 2001, at 3 p.m., and it stated additionally, "Time is of the essence and all deadlines are final except where modifications, changes, or extensions are made in writing and signed by all parties." Although Richardson scheduled a meeting on December 11, 2001, at 2 p.m. with the Hogans, the Hogans failed to appear. However, the parties agreed to a two-day extension, lasting until December 13, 2001, at 3 p.m., and the extension was binding and irrevocable according to the "Addendum to Agreement to Purchase or Sell." The Hogans signed both documents at 9 a.m.
on December 13, 2001. At about 11 a.m., Kent also signed the addendum. However, neither Kent's agent nor Richardson contacted the Hogans prior to 3 p.m. about Kent's acceptance. After 3 p.m., Richardson realized that the Hogans had not placed the date and time next to their signatures. When she met with the Hogans, they placed the date and the time as 4:48 p.m., informing Richardson that they, the Hogans, had changed their minds about the sale. Kent sued for specific performance of the contract. What effect, if any, did the failure to communicate the acceptance of the offer prior to 3 p.m. have in terms of whether a contract was formed? What do you think the appellate court's reasoning was?
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