Angie mails an offer to Steve postmarked on Oct. 15 at 7 PM. Steve receives and reads the offer on October 17 at 2 PM. Angie faxes her revocation on October 18 at 10 PM. Steve receives and reads the revocation fax on October 19 at 9:45 AM. However, Steve e-mailed his acceptance on October 19 at 8 AM. The acceptance reached Angie on October 19 at 10:30 AM when she read the email.
*Use dates/times for your answer.
When is the offer communicated
When is the acceptance communicated?
When is the revocation communicated?
Did Angie revoke on time? Explain!
If yes, you need no additional explanation. If no, then how could she have improved her revoking the offer ON TIME AND BEFORE ACCEPTANCE? [3 points]
Answers
Explanation:
An agreement of a seller to supply a buyer with all of the buyer's requirements for certain goods is known as:
a requirements contract
Elmer wrote a letter to his friend Fred offering to sell Fred an 80-acre farm for $200,000. After mailing the letter, Elmer learns that the farm is actually worth $300,000 and changes his mind about selling.
Elmer can revoke his offer at any time before acceptance, because there is no consideration to keep the offer open.
If there is no time specified for the acceptance of an offer, when does the offer terminate?
After a reasonable period of time
Albert read Gem City's ad in the local newspaper advertising a one-quarter carat diamond ring for $89. Albert rushed to the store to buy the ring only to be told by the salesperson that the ad was a misprint and the price should have been $289. Albert gave the salesperson $89 plus sales tax and demanded the ring.
Albert is merely making an offer to Gem City to buy the ring for $89 plus sales tax.
An offer under Article 2 of the UCC that is irrevocable even though no consideration is given to keep it open is known as a(n):
firm offer
Elvis makes an offer to Miguel, but before Miguel can accept, the state supreme court decides a case that makes the offer illegal. What is the effect of the court decision on the offer?
The court decision automatically terminates the offer.
Jesse makes an offer to Ike, and Ike accepts; then the state legislature passes a law that makes performance of the contract illegal. What is the effect of the new statute on the contract?
The statute discharges the obligations of both parties under the contract.
Maxine offered to sell her video camera to Tom for $200 and also stated to Tom, "I will give you two weeks to accept my offer." One week later Tom learned that Maxine had sold the video camera to Cindy.
Maxine has revoked her offer to Tom
The Rogers family has always wanted to buy the beautiful house at the top of the hill. The owners of the house, the Thompsons, decided to sell and called Mr. Rogers. Before he could get back in touch with Mr. Thompson, Mr. Rogers suffered a heart attack and died. Mr. Rogers' adult daughter, to whom the Thompsons had not spoken, still wants the house.
She may not accept since the offer is terminated.
In general, which of the following will not terminate an offer?
An inquiry by the oferee as to size or materials
Gary mails an offer to Brian on June 15. Brian receives the offer on June 16. Gary mails a revocation of the offer on June 17. Brian mails a letter of acceptance on June 18 and Gary receives the acceptance on June 20. Brian receives the revocation on June 19. Was a contract formed?
Yes, on June 18
Alice offers to sell her computer, monitor, and printer to Bradley for $300. Bradley says he will accept provided that Alice includes her word processing software. What is the status of their discussions?
There is no contract, because Bradley has made a counteroffer.
A ____ is an offeree's refusal to accept an offer.
rejection
Wes, who is an art collector, offered to buy a print from Le Monde Gallery. Le Monde balked at the price, sending Wes a letter of rejection. That day it discovered that the print was not as highly valued as originally thought. Le Monde immediately telephoned Wes to accept his offer. Is there a contract?
Yes, since the acceptance was received before the rejection.
Gail sent a letter of acceptance to an offer that has expired. Gail has made:
an offer
An ad in a newspaper or a circular describing goods and stating prices would generally be considered a(n):
invitation to buyers to make an offer to buy goods.
When does acceptance of an offer to enter into a unilateral contract generally occur?
Upon full performance by the offeree with the intention of accepting.
Which of the following is correct with regard to counteroffers?
A counteroffer operates as a rejection of the original offer.
-and-
A conditional acceptance is a common type of counteroffer.
-and-
The receipt of a counteroffer terminates the original offer.
The UCC provides that a merchant is bound to keep a written offer open for a stated period but no longer than:
three months