A seller and a buyer each signed a memorandum which stated that the seller agreed to sell and the buyer agreed to purchase a tract of land. The memorandum stated that the contract should be closed and conveyance made and accepted by tender of general warranty deed conveying a good and marketable title on a date specified. The memorandum signed by the parties contains all of the elements deemed essential and necessary to satisfy the Statute of Frauds applicable to the transaction, except that there was an omission of a recitation of the purchase price agreed upon.
The seller has refused to perform the contract, and in an action by the buyer for specific performance, the seller relies upon the Statute of Frauds as a defense. If the buyer offers evidence, in addition to the written memorandum, that the parties discussed and agreed upon a purchase price of $35,000 just prior to signing, the buyer should:
A. Succeed, because the seller is estopped to deny that such an agreed price is a fair and equitable one, which will be implied by law as a term of the written memorandum.
B. Succeed, because the law implied that the parties contracted for the reasonable market value of the land, although the price to be paid may not necessarily be that orally agreed upon.
C. Fail, because the price agreed upon is an essential element of the contract and must be in writing.
D. Fail, because the evidence does not show that the price agreed upon is in fact the reasonable market value of the land.
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