Question

Mayra offers to sell her home to Hanna for "about $100,000 plus closing costs" and has no other comments, provisions, or discussion regarding costs. Hanna accepts Mayra's offer but later, a dispute arises concerning the precise dollar amount of the purchase price. How will a court resolve this dispute

Answer 1

Answer:

The most probable result is that the court will declare the contract invalid and non-binding because the purchase price and important terms regarding the consideration involve are too vague and indefinite.

In order for a contract to be considered valid and binding, consideration must exist and the more precise the terms, the better. Consideration is something of value that both parties exchange. In this case it is a house vs. money, but the price is not specified.