contracts discussion 7

Consider the following scenario:Bob paid $800 for the right to buy a specific 10 Acres of land, within five years, from Margaret. The price was set at $50,000. The option was in writing, was legal and valid, and Bob has now legally exercised the option by tendering the price, as required by the option. Margaret refuses to sign and deliver the deed, so is in breach.The original purpose of the purchase, as stated in the option, was to use it for a mini storage facility. Bob did not promise to use it only for that purpose. Bob insists on getting specific performance, not money damages.The property is now likely much more valuable, worth over $200,000, due to interest from commercial developers for a store. Margaret claims that Bob had some advance knowledge that this project was possible, and did not disclose this to her when he negotiated the price.Margaret is willing to pay Bob $35,800 in damages rather than grant him specific performance. In the alternative, she is willing to substitute a different 10 Acre parcel of land. It is suitable for a mini storage facility and is worth about $85,000.The parties agreed to a mediation process, involving meeting with a neutral person who assists them in negotiating. Explain Bob’s position to Margaret and the mediator and argue for it. Then, explain Margaret’s position and argue for it.

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