FUN company

You are an assistant to the attorney for FUN company. To complete this assignment you must write a two-

tothree page report discussing the legal issues and likely outcome of the case below:
SAD Co. vs. FUN Company: Several weeks ago, SAD Co. CEO met with FUN’s CEO for lunch to discuss
potential business ventures between both companies. After a few shots of whiskey, SAD’s CEO tells FUN’s
CEO that SAD is interested in purchasing a commercial building that FUN owns in a central area in West

Palm
Beach. SAD is interested in this building because of the specific location in which it is located. SAD

believes
that owning a building in that specific location will increase their business significantly. SAD’s CEO offers

FUN’s
CEO to purchase that specific building for $5 million. FUN’s CEO responds that FUN estimates that the
building is worth $9 million and that they are willing to sell the building for that price give that they have no

use
for it. SAD’s CEO takes out a $1.00 bill gives it to FUN’s CEO and says “this is my payment so that you give
me time to talk to my board and see if we are willing to pay $9 million.” FUN’s CEO laughs and puts the

$1.00
bill in his pocket. Both CEO’s shake hands and say goodbye and leave. The next day SAD’s CEO calls an
emergency meeting to discuss the $9 million purchase price and the board agrees to the purchase of the
building for $9 million. Immediately after the meeting, SAD’s CEO calls FUN’s CEO on the phone and tells

him
that SAD agrees to purchase the building for $9 million. FUN’s CEO tells SAD’s CEO that FUN has decided

not
to sell the building because after their meeting yesterday they realized how much potential the building

actually
had. SAD is now demanding that FUN honor its word and sell them the building for$9 million.

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