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Question
On May 1, Dix and Wilk entered into an oral agreement by which Dix agreed to purchase a small parcel of land from Wilk for $450. Dix paid Wilk $100 as a deposit. The following day, Wilk received another offer to purchase the land for $650, the fair market value. Wilk immediately notified Dix that Wilk would not sell the land for $450. If Dix sues Wilk for specific performance, Dix will:
A. prevail, because the amount of the contract was less than $500.
B. prevail, because there was part performance.
C. lose, because the fair market value of the land is over $500.
D. lose, because the agreement was not in writing and signed by Wilk.
Answer
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