Can Williamson set aside the sale based upon inadequate consideration and mental weakness due to intoxication? Explain.
Williamson, her mortgage in default, was threatened with foreclosure on her home. She decided to sell the house. The Matthewses learned of this and contacted her about the matter. Williamson claims that she offered to sell her equity for $17,000 and that the Matthewses agreed to pay off the mortgage. The Matthewses contend that the asking price was $1,700. On September 27, the parties signed a contract of sale, which stated the purchase price to be $1,800 (an increase of $100 to account for furniture in the house) plus the unpaid balance of the mortgage. The parties met again on October 10 to sign the deed. Later that day, Williamson, concerned that she had not received her full $17,000 consideration, contacted an attorney. Can Williamson set aside the sale based upon inadequate consideration and mental weakness due to intoxication? Explain.
Evidences to support the answer are as follows:
Individual W was not in a stable state of mind and was intoxicated at the time of the contract and signed it for a value lower than the actual value of the house. The main aim of Individual W is to relieve from the foreclosure of giving up the house for mortgage. This is the reason why Individual W intended to sell the equity. As soon as Individual W gained consciousness, they understood the fault and approached their attorney regarding the contract, which proves that Individual W was intoxicated. As Individual W did not have the capacity to sign contract at the time of the agreement, it is considered to be void.
Individual M consulted Individual W regarding the contract and Individual M carried forward the sale procedure by giving their consent. Additionally, Individual W has given a written agreement to the contract, thereby making the sale enforceable.
The probable answers for the questions are as follows:
Judgement in the favor of Individual W
Judgement in the favor of Individual M
Assignment Writers are Online Now!
Need to pay someone to write your paper from scratch? We have experts for all types of assignments.