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Solution for Business Law 3rd Edition Chapter 5, Problem 1

by Nickolas James
128 Solutions 13 Chapters 13471 Studied ISBN: 9780730305743 Business Law 5 (1)

Chapter 5, Problem 1 : 1.Maria makes a new offer of $180 000...

1.Maria makes a new offer of $180 000 to Johnny to buy a 50 per cent share of The Lame Duck restaurant. Maria tells Johnny that if she does not hear from Johnny before 5.00 pm she will assume the offer has been accepted. Johnny does not communicate acceptance before 5.00 pm. (1) If Johnny refuses to proceed with the sale, can Maria enforce the contract? (2) If Maria refuses to proceed with the sale, can Johnny enforce the contract?

 

Step-By-Step Solution

See Business Lawpp230, 232-239.

 

Issue 1

If Johnny refuses to proceed with the sale, can Maria enforce the contract?

 

Law

As a general rule, an agreement consists of an offer plus acceptance of that offer.

The agreement is not complete until the offeree communicates their acceptance to the offeror.

An offeror cannot insist that a failure to respond is acceptance.

 

Application

Maria (can/cannot) insist that Johnny’s failure to respond is acceptance because …

There (is/is not) an agreement between Maria and Johnny because …

 

Conclusion

Maria (can/cannot) enforce the contract.

 

 

Issue 2

If Maria withdraws the offer at 4.00 pm, can Johnny enforce the contract?

 

Law

As a general rule, an agreement consists of an offer plus acceptance of that offer.

The agreement is not complete until the offeree communicates their acceptance to the offeror.

An offeror can waive the requirement that communication be accepted.

 

Application

If Johnny has not accepted the offer by 5pm, he (can/cannot) insist that his silence amounts to acceptance because …

 

Conclusion

Johnny (can/cannot) enforce the contract.

 

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