Monday, December 10, 2007

Review Roundup III

Patel v. Liebermensch (S156797)

I did not go out on any limbs when writing about this decision so you will have to take my word for it that I thought it was a close call. The Supreme Court will be addressing the question of whether the time and manner of payment are essential terms for a real estate purchase option contract. If so, then if they are absent no contract has been formed.

This is an important legal issue, but this case is not one that has potential to cause any noticeable effect in the way that real estate transactions are handled in California. The vast majority of such transactions are already conducted much more formally than the transaction that led to this lawsuit.

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