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Npc Contracts Assignment 1

In:

Submitted By nlopez
Words 936
Pages 4
MEMORANDUM
From: N/A
To: Reader
Date:04/21/2016
Re: Vivian v Bernie: Mutuality of Consideration

[Facts] On February 1st, Bernie put his 2006 Ford Fusion up for sale. Vivian contacted Bernie on March 1st interested in purchasing his vehicle. Bernie extended an invitation to Vivian on March 5th for them to meet in order to further discuss negotiations. Vivian met up with Bernie at his place of residence on March 10th, they agreed on a purchase price of $12,500. Vivian informed Bernie that she needed an additional three weeks in order to obtain the funds. Bernie agreed to give Vivian until March 31st to purchase the vehicle under the condition that she put down a $1,000 deposit. Vivian agreed to the contract terms written by Bernie as shown below.
Bernie agrees to sell his 2006 Ford Fusion to Vivian for $12,500 and Vivian agrees to purchase the same for such price. The transaction shall take place no later than March 31.

In the event that the seller breaches this agreement, the seller must refund the purchaser's deposit, but the parties shall be limited to this remedy and only this remedy.

In the event that the buyer breaches this agreement, the seller may keep the buyer's deposit, but the seller shall be limited to this remedy and only this remedy.

Two weeks after the contract was signed, Vivian contacts Bernie to inform him that she will not be able to purchase the vehicle. Bernie refuses to refund Vivian’s $1,000 deposit based on the contract they agreed upon.
[Issue] The issue is whether, under Virginia law, there was sufficient mutuality of consideration for the agreement to be binding, thereby allowing Bernie to keep Vivian’s deposit.)
[Rule/Relevant Law] In American Agricultural Chemical Co. v. Kennedy & Crawford, 103 Va. 171 (Va. 1904), the court held that “The general rule of law is…where the consideration for the promise of one party

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