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Need help with my writing homework on Contractual defects. Write a 250 word paper answering; Contractual Defects This document discusses the defects associated with contracts particularly, in this case, a land purchase agreement. A land contract refers to an arrangement whereby the buyer undertakes to pay a given sum of money in installment until the agreed amount is covered (Legal Aid Network of Kentucky, 2009). After which the title deed is formally handed to the buyer. It is not a mortgage agreement as stated in this same source or an auction, which involves one time purchase of land (Legal Aid Network of Kentucky, 2009). My position in this topic is that either of the two parties should be held responsible for their actions since, as I will show in the document, these two practices are not right even though they may not be intentional.

The topic leads to the re-examination of advantages and disadvantages of land purchase contract. Land purchase contract has its advantages and challenges. This document focuses on formal land purchase contract. A few advantages are: the buyer gets a chance to own the property partially but fully utilize it before settling all the payments (Legal Aid Network of Kentucky, 2009). This way the buyer has the opportunity to carry out an economic undertaking on the land to supplement the settlement of its full cost.To the seller. he has the chance to practice rental form of business. This is whereby, in case the buyer fails to cover the full cost of the land, he keeps the amount hitherto paid as well as taking back the land. The demerits being that the buyer forfeits amount already paid. In some cases, the seller may defraud the buyer by hiding the external charges on the land such as interest, rent or insurance cost (Legal Aid Network of Kentucky, 2009). Other sellers just run away after selling land that either does not belong to them, lie on public property or due for auction.Having stated the merits and demerits of this form of contract, I proceed to disclose which of these advantages, especially ones that give one party undue gain over the other, and disadvantages likewise, are contestable and/or reversible on a legal platform.

This discussion will naturally exonerate or blame either of these two parties and compel them to take responsibility. There are various sources of changes in the price of land. In this case, the changes in the price of land considered are assumed to be caused by fraud and or lack of sufficient knowledge on the market price of the land (Legal Aid Network of Kentucky, 2009). The buyer and the seller are assumed to have met all the requirements of the agreement.

Legal Aid Network of Kentucky (2009) asserts that other than expected causes in the change of property such as interest rates, inflation, depreciation etc. it is obvious that the seller of the land cannot just wake up one day to discover that he sold the land below the market value. There are terms under which the purchase agreement was made. If this was not enlisted the situation become challenging. The reason being that in a court of law, the written and signed agreement will be used. One might argue that the seller has not flouted any of the terms of agreement by revising the price upwards. The other might argue that the seller has not honored the terms of agreement by introducing what was previously not included in the package. Also, one might be inclined to accept the argument that the seller is punishing the purchaser for the mistake that the latter has not committed.

According to Legal Aid Network of Kentucky (2009), this last proposition arises due to the fact that the seller is supposed to quote the price that he is satisfied with. Being driven later by the market price of same product should not arise since the products bargain is always biased towards the seller’s aim of making profit right from the start.Therefore it is clear that the realization of higher market price for the land is the seller’s mistake and not the buyer’s. Not a single buyer will hesitate incurring a lower cost just as not a single seller is willing to sell at a loss. Further, if the buyer is liable for the changes in price due to inflation, which is inevitable, why subject him further to double punishment?

For the buyers case, the written document is examined several times before any transactions is done. Furthermore, the involvement of third party, a legal overseer or financial body guarantees that there cannot be any typing error with respect to accepted terms (Legal Aid Network of Kentucky, 2009). This binds the buyer to his written acceptance such that any error in stating the value can only seem suspicious. This is why he has to go by the conditions or take responsibility.

References

Legal Aid Network of Kentucky, (2009). Guide to land contracts in Kentucky. Retrieved on November 5, 2011 from http://kyjustice.