Contracts Assignment 1

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Submitted By sunsetbeauty1506
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Pages 4
Assignment 1

Bernie a resident of Richmond, Virginia decides to sale his 2006 Ford Fusion for $13,000.00 and places an ad in his local newspaper on February 1st. After several weeks without any inquiries, Vivian contacts Bernie on March 1st stating she will pay him $12,000.00 for the car. Bernie arranges to meet with Vivian on March 5th to complete the deal. Vivian comes to Bernie’s house on March 10th and says she will give Bernie $12,500.00 for the car; but she needs three additional weeks to come up with the money. Bernie agrees but only if Vivian puts down a deposit. Vivian agrees and Bernie drafts an agreement stated the sale will must take place no later than March 31st. Vivian reads and signs the agreement and gives Bernie a $1,000.00 check. After two weeks, Vivian realizes she will not be able to come up with the money. On March 24th Vivian contacts Bernie to inform him she’s pulling out the deal .Bernie says ok, but he will not be returning the deposit per the agreement terms. Vivian sues siting there was no mutuality of consideration and the contract was therefore void.
Question Presented
Is there mutuality of consideration in this case?
Rule of Law
In the case of Sayres v. Wheatland Group, L.L.C., 79 Va. Cir. 504 (Va. Cir. Ct. 2009) it is stated that mutuality of contract. When there are promises on each side that something shall be done for the benefit of the other side furnishing therefor considerations by each party, although they may relate to different terms of the contract and may be conditioned upon performance by the other party. This means, "Neither party is bound unless both are bound." Thus, "if it appears that one party was never bound on its part to do the acts which form the consideration for the promise of the other, there is a lack of mutuality of obligation and the other party is not bound. “This case also states…...

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