Case Problem:
On February 1, 2004, Zhang entered into a contract with Sorichetti to buy Sorichetti’s Las Vegas home for $532,500. The contract listed a March closing date and a few household furnishings as part of the sale. On February 3, Sorichetti told Zhang that he was terminating the sale “to stay in the house a little longer,” and (incorrectly) that Nevada law allows the rescission of real property purchase agreements within three days of contracting. Sorichetti stated that he would sell the home, however, if Zhang paid more money. Zhang agreed. Another contract was drafted, reciting a new sales price, $578,000. This contract added to the included household furnishings drapes that were not listed in the February 1 agreement, and set an April, rather than March, closing date. Was this a valid modification of the contract?
Your answer must be typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.