Harry Jones is offering to sell a parcel of Colorado land for $100,000 in cash. Michael Web meets with Jones and agrees to purchase the property at the offered price. They shake hands and agree to meet in Jones’ office next Tuesday of net week to close the transaction. At that time, Web will deliver the cash in a cashiers check and Jones will deliver the deed to the property.
The day after the handshake agreement, Jones receives and accepts another offer for $110,000 for the property. Can Web take legal action to hold Jones to their agreement? Why or why not? What is the underlying legislation?