Exam 8: Offer, Acceptance, and Mutual Assent

A cost-plus contract is one in which the market price is determined by references to the price of goods on a specific date.

Booksellers, Inc. makes a written offer to sell Smallville City Library 20,000 books at $5 each. In writing, Booksellers also agrees to keep the offer open for sixty (60) days. However, before the 60 days have passed, Booksellers sells all the books to Universal Library for $7 each. Which of the following is true of this situation?

Rosa sends an offer to Kellen that requires acceptance to be made by U.S. mail. Kellen accepts in a timely manner, but sends the acceptance by FedEx which delivers the acceptance to Rosa two days faster than the U.S. mail would. Under traditional common law rules, has Kellen accepted Rosa's offer?

Henry sends an e-mail to Bernice regarding the sale of his truck to her for a price "to be determined in good faith." Henry has made a valid offer.

Todd offered in writing on Monday to sell his desk to Mike for $150. Todd's offer stated that unless Mike rejected Todd's offer by Thursday, it would be considered accepted. Mike did not reply until Saturday, when he rejected the offer and refused to buy the desk. Todd insists that Mike is bound to purchase the desk, since he did not reject the offer by Thursday. Discuss the validity of the contract and the legal obligation of Mike.

Teri sends an offer to Morris to sell her car for its Blue Book value. Morris is the offeror.

On June 7, Sagan mails an acceptance of Randi's mailed offer to her. The acceptance is received by Randi on June 10. The acceptance is effective upon receipt.

Silas, very angry because his new car broke down, yells out "Anyone wanna buy a piece of junk for $100?" Ida overhears Silas and says, "I do, here's $100." What result?

____________ occurs when the dominant party in a special relationship uses excessive pressure to convince the weaker party to enter into a contract that greatly benefits the dominant party.

When Garibaldi rented an office from the landlord, Jonas Properties, Jonas agreed to reimburse Garibaldi a fair share of the expenses he incurred in redecorating the office. After the project was completed, Jonas refused to pay for any of the expenses. Analyze the situation in a case where Garibaldi files a lawsuit against Jonas for breach of contract.

Dale posts an ad in the local newspaper-"$100 reward for the return of my dog, Buster"-with a picture. Henry, after seeing the newspaper advertisement, finds that a dog has strayed into his garden. Henry checks the dog's collar that has a tag with Dale's address and returns the dog. Is Henry legally entitled to the $100 reward? Explain.

While looking for apartments, Brittany finds one that she likes. The building manager agrees to an option contract in which he will hold the apartment for Brittany for four days in return for $100. At the end of the fourth day, Brittany finds another apartment that she likes better and signs a lease with its building manager. Because Brittany's contract with the original building manager is an option contract, the building manager is under:

Melinda is considering opening a fast-food business across the street near a university campus. Melinda needs to secure $100,000 in loans to open her business. The owner of the land promises her that she has two months to accept his offer of $50,000 for the land. Discuss how Melinda can ensure that the owner does not sell the land to another buyer.

A merchant's firm offer for the sale of goods can exceed three months in duration.

Mercedes receives a box of unordered office supplies in the mail. What is her legal obligation?

Mike and Mickey live at the opposite ends of Texas, some 750 miles apart. They want to make a contract via computer rather than using paper, since this will be faster and more convenient. Considering the three current model codes, what steps must Mike and Mickey take under each to make a legal binding agreement?

On October 10^th, Juliana sends Linda a letter offering to sell her book collection for $15,000. Three days later, on October 13^th, Juliana dies. On October 15^th, without knowing Juliana had died, Linda sends Juliana a letter accepting her offer. Juliana's heirs inform Linda that the $15,000 offer is revoked and that they will not sell the collection for less than $20,000. Linda demands specific performance. What result?

A "click-on" acceptance is a valid method of accepting an e-contract.

The ____________ has unified, streamlined, and refined the legal principles regarding such diverse areas as reverse engineering, consumer protection, shrinkwrap licenses, fair use, and consumer warranties.

Soft Feet, Inc. manufactures shoes. Walk Style, Inc. is a retailer of shoes. Soft Feet offers to sell Walk Style 1,000 pairs of shoes at $5 per pair with delivery to be made by October 31. Walk Style accepts, but writes in the margin "delivery to be made by October 20." According to the UCC, what is the legal status of Walk Style's October 20 delivery date?