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Write 2 page essay on the topic Legal Writing: Fundamentals Of Commercial Code.Download file to see previous pages... When Pat told Dan about her frustration about not being able to buy a home, this w
Write 2 page essay on the topic Legal Writing: Fundamentals Of Commercial Code.Download file to see previous pages...
When Pat told Dan about her frustration about not being able to buy a home, this was not an offer: She was merely discussing with a friend. When Dan offered a proposal, it was not yet an offer because it contained no concrete elements. Dan was saying he would help Pat find a home and finance it, not which home and not what elements. When Pat found a home, this was still not an offer, though now there was a concrete price, location, and piece of real estate being discussed. But when Dan and Pat agreed to Dan helping her finance the $250,000 home, with Dan buying the property up front then promising that “[Dan] will sell it to [Pat] for $250,000 plus a reasonable commission”, that was an offer. Under the UCC 9, owners of real estate, both lenders, and inhabitants have rights and responsibilities. Banks offering a mortgage to buy a property up front, what Dan did in this instance, do have some stake: They can foreclose the property in order to recoup their investment if mortgage payments are not made in a timely fashion. But there are some bankruptcy restrictions (for example, people can retain their home in a bankruptcy), and if a mortgagee makes their payments on time, they are presumed to own the home, can make modifications to it, live in it, bring people in without question except insofar as this violate the law, etc. Dan was acting as a broker or bank and Pat as a customer. (See Jannusch v. Naffziger). .The only legal question is whether Dan has received a fair commission. .