Tinh agrees to purchase a block of land that Ed plans to carve out from his property

A. Tinh agrees to purchase a block of land that Ed plans to carve out from his property. Tinh pays a large cash deposit to Ed, the closing date is set for six months away, and they shake hands on the deal. Ed falls on hard times and he realizes he cannot subdivide his land since he cannot afford to lose any equity or the bank will foreclose on his mortgage. On the agreed closing date, he sends Tinh an email to back out of the deal. Worse still, Ed lost the cash deposit at the horsetrack, and cannot afford to pay Tinh back. Ed feels terrible and avoids Tinh’s calls. Tinh sues Ed for breach of contract and specific performance. How will the Statute of Frauds be applied in this case? What is the legal effect of Tinh and Ed’s deal? B. Elise and Kim are trying to decide how to set up the internal management structure of the corporation they have just incorporated to carry on their engineering consulting business. They each hold 35 percent of the shares, with the remaining 30 percent being held by five employees.

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