Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1885-04-03
FARM LAW.
How to Buy Farm-A Consideration
Necessary,

Necessary.
In series of articles on farm law, the
first topic that naturally suggests itself,
in the legal points to be taken into ac-
count, is "How to Buy Farm Even
if one is able to pay cash down in full
without any resort to borrowing, mort
gaging, ETC., the purchasing of farm
is not so simple matter as one might
suppose. After selecting particular,
desirable farm, and negotiating for it,
at as low price as possible, one must
be careful not to lose the advantage of
his bargain. Amere verbal offer to buy
or sell for particular price has no
binding effect in law. If Mr.. A. says to
Mr.. B., 81 will sell you my farm for
$1,000" and B. replies, "Tll take it,"
)ffer and acceptance at once put in
writing and signed. Otherwise, when
ie goes to purchase it on the morrow,
With the $1,000 in hand, A. may say:
"Oh, that was only an oral agreement;
will not give deed to-day for cent
less than $780," While B. may be
greatly disappointed because MIR. A.
has not kept his word, the law will
afford no remedy. On the other hand,
If B. tells A. that he does not want his
farm, or will give only $500 for it now,
A. will be unable to hold B. to his oral
bargain.
A. may make written statement to
the effect that he will sell B. his farm
for 81, 200, and give him ten days in
which to say whether he will accept it
or not. Such document would be,
what the lawyers call, "nudum pac-
tum," promise without a considera-
ton. B. has paid no money, made no
promise, and the courts would give him
no relief if Mr.. A. should, in the mean
time. sell the property to some one
else, even on the same day he gave b.
the so-called "refusal." In order to
make Mr.. A. IS offer binding upon him,
B. must accept in writing, and without
any variation from the terms of the Of
fer. 1t is not enough that b. has made
up his mind to accept some time be-
fore the expiration of the ten days men
toned in the ''refusal," for until A. has
B. s actual written acceptance, he can
make any other disposition of the prop
erty that he cares to. Even if b. has
been to expense in buying machinery
and stock for the farm which he has
concluded to buy before the ten days
are past, he may find himself unable to
get possession. A Court of Equity
might possibly grant some relief in such
a case, but the expense of resort to the
courts would probably more than Offset
any advantage to be gained
If negotiations for the purchase Of
the farm are carried on by letter, there
is a peculiar legal feature worthy OF
mention. i If definite offer to buy or
sell, for given amount, is made by
letter, without any conditions that re-
quire something to be done to complete
the bargain, the acceptance is perfect
when the party to whom the offer is
made puts letter containing his un-
conditional acceptance into the post
office. The letter may miscarry, and
the party to whom it is addressed never
receive it, but the judicial decisions hold
the bargain binding, and it will be en-
forced on proper showing of evidence.
Such are some of the uncertainties
that beset bargains for the purchase of a
farm. If the word of every man was
"as good as his bond,' and if the par
| ties at both ends of a bargain looked at
things from the same standpoint, all
the preliminaries to the execution of the
title-deed might be allowed to depend
upon word OF mouth, and the general
understanding of the parties. I'm
fortunately, however, there are many
men who do not scruple to stoop
to "sharp practice" and the safer
course, when bargain for land is
struck is, for the parties to at once
enter into written contract for sale
and purchase or "Articles of Agree.
ment" This contract should sufficient.
ly describe the parties and the land, and
fully identify both, and state the con.
sideration upon which the bargain il
made, and include every essential fea-
ture of the agreement. After such con.
tract has been signed, witnessed (wit.
Messing Is not necessary in Illinois, but
1t may be done for greater certainty,
sealed and delivered. both parties have
something upon which they can depend
and from which neither can get away
Following the ''penny wise and pound
foolish" plan, the buyer and seller may
be able to draw for themselves bind
ing agreement; but where the amount
of money involved is at all large, IL viii
be the part of wisdom to call in the ser
vices Of a reputable attorney-at-law, ol
conveyancer. Another way of clmch
ing a bargain for real estate is by the
use of what is called "bond for
deed" but contract for sale is NOR,
usually employed.
.AurJIoRITIEs;-JBr Bradw., lSs, 4 4Bradw., oSs
j., Ed, IS; II Johns NO; 46 N. Y. 467; 70 Mas
aos' q Wise, lts; Pet, az; Ex. Div, slo