[thuyng_wm]

I own and operates a garage and service center. Considering expansion, I contacts Mr. A(a real estate broker), who owns the neighboring lot, concerning purchasing the lot. On June 21, I sends a letter to Mr. A offering to rent the lot for $300/month with an option to buy after the first year. On June 23, Mr. A responds by letter that he will not accept the rental agreement, but he sell the property to me for $10,000. Further, I would agree to finince the purchase over a 10-year period at 12% per annum interest.
After checking with banks and other lending institution, I sends a letter to Mr. A on July 1, accepting th eoffer to purchse, financed at 12% per annum over 10 yrs. The letter is received July 5, due to the holiday. On July 2, Mr. A gets an offer of $12,500 from Mr. B. He signs an agreement with Mr. B to sell the property and immediately sends a letter to me to revoke my offer. I receives the letter on July 5. After receiving the letter, I contacts Mr. A ...continue
concerning the purchase and explains how much I needs the property. After a long discussion, I agrees to purchase the propert for $17,500. When I refuses to pay the additional $7,500, Mr. A sues me. Also Mr. B sues Mr. B for specific performance.


Discuss the various rights of all parties and the possible outcome of the case.

HELP ME!