Which cоrpоrаte strаtegy mаndates that 30% оf a company's sales must come from products introduced within the last four years?
Pete lоved tо scоur the countryside looking for reаl estаte he could flip for profit. On Mondаy, while visiting an undeveloped parcel of land known as Lot A113, Pete called the owner, David, and told him that he wanted to purchase his land for $50,000. Pete stated that he would pay cash within 60 days; the deed to transfer upon payment in full. David replied that he accepted Pete’s offer but the full purchase price of $50,000 would have to be paid within 30 days. On Tuesday, David drove out to meet Pete at the property. Pete told David that he agreed to David’s change to payment within 30 days. David stated, “Okay, then, it’s a deal.” They shook hands and parted ways. Later that day, David sent Pete a brief text message that stated, “Lot A113 for $50,000 cash within 30 days - David.” Pete didn’t respond. On Wednesday, David had an oil assessment performed on his land and discovered that it contained at least $2,000,000 of oil. David immediately called Pete and told him, “I found out that this land’s worth at least $2,000,000 so I withdraw my offer!” Pete, however, knew about the large amount of oil underlying the property and hoped to make a large profit by reselling it. About two weeks later, Pete attempted to tender the purchase price of $50,000 to David but he refused to accept it. David also refused to convey Lot A113 to Pete. Pete sued David requesting specific performance of the land sale. Is there a valid and enforceable contract between Pete and David? Discuss, including all available defenses, if any. Assuming there was a valid and enforceable contract between Pete and David, is the court likely to grant Pete’s request for specific performance? [DO NOT DISCUSS MONETARY DAMAGES]