Sam orally agreed to sell Jamie some land for $500,000. Jamie paid Sam the $500,000;Sam gave Jamie the deed to the land. Jamie took possession of the land and began buildinga cabin on it. One month later, Sam tried to retake possession of the land by arguing thatthe contract for the sale was invalid because it was oral, not written.

Sam orally agreed to sell Jamie some land for $500,000. Jamie paid Sam the $500,000;Sam gave Jamie the deed to the land. Jamie took possession of the land and began buildinga cabin on it. One month later, Sam tried to retake possession of the land by arguing thatthe contract for the sale was invalid because it was oral, not written.

Sam sued Jamie toinvalidate the contract and retake the land.The court will likely conclude that Sam will:a) Win; the sale exceeded $500 so the contract must be written to be valid under theStatute of Frauds.b) Win; all land sales contracts must be written.c) Lose; because the contract was fully executed Sam cannot rescind the contract.d) Lose; because Jamie had begun building a cabin on the property, Sam cannot rescindthe contract.2. On Tuesday, Jon offered to sell his CD collection to Sandy for $100. Sandy replied,”I’m interested. I’ll think it over and let you know Thursday whether I want to buy theCDs.” On Wednesday, Jon agreed to sell the CDs to Jason, and Jason immediately gave Jona letter that stated:”Jon, I will buy your CD collection for $100. As we agreed, I will pay you on Friday when Ipick up the CDs. Yours truly, Jason.”Upon Jon’s receipt of this letter on Wednesday, what best describes Jon’s contractagreement(s)?a) By forming an agreement with Jason, Jon breached his contract with Sandy because hedid not effectively revoke his offer to Sandy.b) Jon has formed contracts with both Jason and Sandy because Jon did not effectivelyrevoke his offer to Sandy and created an enforceable written agreement with Jason.c). Jon and Jason have formed a valid, enforceable contract; Jon’s offer to Sandy wasproperly revoked.d) Jon effectively revoked his offer to Sandy, but has not formed an enforceablecontract with Jason because Jason has not yet paid for the CD collection.3. Mac and Rhamad signed a business contract with a clause that provides that if adispute arises they must submit to binding arbitration to resolve the dispute. After theyhad been doing business together for a year, a dispute arose under the terms of thecontract. Rather than submit to arbitration, Mac filed a lawsuit against Rhamad. Mostlikely the court will:a) Hear the lawsuit because Mac cannot be compelled to submit to arbitration; he isconstitutionally entitled to a jury trial if he requests a trial.b) Conduct a hearing, then order a remedy without compelling Mac to submit toarbitration or to a jury trial.c) Compel Mac to submit to arb

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