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buyer beware????

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christina4501

Guest
What is the name of your state?wv

a gas and oil company has land that was purchased for $15 mil, but the land was drilled and found to be impaired and is considered now to be unproved land (no oil). so they wrote the land down to $9 mil on the books and recognized a $6 mil loss. now company b wants to buy this land, and is going to pay $43 mil for it. is it illegal for co. a to ask/take $43 mil for the land, when it's only worth $9mil? or should co. b have had the land appraised before negotiating with co. a? Would you look for fraud or misleading documents from co. a? or could co. b just have important plans for that land?
 


BelizeBreeze

Senior Member
And did your professor actually tell you to come to this forum to get the answer or to crack a law book? You know, the one on frauds and land contracts?
 
D

D.B. Cooper

Guest
Fruad is correct, which carries a 45 year mandatory becuase of the
"federal oil absense" act of 1902, which Gerald Ford felt neccasary to implement to protect the general populance from wildcatters.
 

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