Acme Sign Company wants the right to erect a billboard sign on Farmer Jeff’s property. Farmer Jeff and Acme agree that Acme can obtain a license to erect and use a billboard sign on Jeff’s property for $10,000. They enter into a written license agreement and Acme pays Jeff $10,000. A year later Jeff decides he hates the sign and tells Acme that the license is terminated and the sign must be removed. Does Jeff have the legal right to do this? Explain your answer.
Fill in the blank(s) with the appropriate word(s).
Acme acquired a license from Farmer Jeff to erect the sign. While a license is revocable at will by the person granting it, it becomes irrevocable if consideration is paid. The payment of $10,000 by Acme Sign Company made the license irrevocable. Farmer Jeff does not have the right to terminate the license.
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Fill in the blank(s) with the appropriate word(s).
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Fill in the blank(s) with correct word