Gordon Vs. Hanson

Gordon accepted a purchase option from Hanson. An option contract is a contract to hold an offer to make a contract open for a fixed period of time. Gordon and Hanson entered a first-refusal contract that provided that if Gordon decided to sell his house to anyone, Hanson would have an option to buy it for $150,000. The right of first refusal is the right of a party to meet the terms of a proposed contract before it is executed. This type of agreement is understood that without a fixed termination date it is to remain open for a reasonable time, which two weeks is considered reasonable. Hanson's right to buy the house began at the time Gordon decided to sell his house to Jones for a higher price. Gordon violated his contract with Hanson by