Real estate apartment investors Donald Sterling and Lawrence Taylor entered into a handwritten memo agreement for the sale of three large apartment buildings owned by Taylor's investment partnership. The very simple contract said the total price was to be "approx. 10.468 X gross income. Estimated income $1,600,000, Price $16,750.000." Purchase Bob Bruss reports online. After several letters and memorandums back and forth, Sterling wanted to lower the sales price to $14,404,841 based on the actual gross rental income and the 10.468 multiplier noted in the original handwritten memo. But Taylor returned Sterling's uncashed deposit checks. Later, Sterling sued Taylor for breach of contract and fraud. Taylor argued there was no sales contract because the alleged contract was not definite enough as to the sales price and it violated the statute of frauds because it was an insufficient writing. If you were the judge would you rule there was a valid contract and Taylor breach...
by Brad Inman | on Mar 21, 2017
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