Law
Elements of A Valid Offer & Acceptance & Contract Competent Parties Questions

Question Description

Help me study for my Business Law class. I’m stuck and don’t understand.

For each of the following five questions, explain your answers in as much detail as possible. For each answer, state the law (including all of the relevant elements of the law), state the relevant facts, apply the law to the facts, and give your opinion as to what the outcome should be. Each answer is 20 points (100 points total).


1) Acme Equipment offers to sell a dough-cutting machine to Big Bagels Inc. The offer states: “This offer expires Friday noon.” Acme is based in Boca Raton, Florida. Big Bagels is based in Los Angeles, California. On Friday, at 10:00 am Eastern time (Florida time), the sales manager for Acme calls the president of Biscuits and says, "Well, I guess you don’t want it. Contract is terminated." What are the elements of a valid offer? Was this a valid offer, and why? Should this contract be terminated, and why?


2) Yellow Heating Inc. offers to ship furnaces to Zippy Inc. for $4,500 cash. Zippy's CEO e-mails back, "Great, I accept, as long as we can make that payable in three weeks, not tomorrow." What are the elements of a valid acceptance? Was this a valid acceptance and why?


3) On Monday morning, Andy and Brian enter an oral, unwritten contract for the sale of five acres of land in Delray Beach, Florida, at “$10,000 per acre.” On Tuesday morning, Andy demands that Brian pay him “$11,000 per acre” for the land. Brian refuses. Andy sues. Who should win, and why? In your answer, explain written/oral and implied/express contracts.


4) Abby is a brilliant 16-year-old high school student who has invented "The Spritzer," a device to keep vegetables fresh in the refrigerator. Abby goes to TGIThursdays restaurant, where she meets up with Brianna, the 23-year-old sister of Abby's best friend. They sit down for a bite to eat. Brianna has four vodka-and-tonics, Abby has a Coca-Cola. Brianna and Abby write a contract on a sheet of paper, and sign it, stating that Brianna promises to pay Abby $100,000 for all rights in The Spritzer. Is this a valid contract? What are the reasons why this might not be a valid contract?


You shall be graded on your complete and proper explanations, research and language usage, all as noted below. The report must be no more than 1,000 words and is to be submitted in typed, double-spaced form.

Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

Final Answer

Hello, I have just completed the assignment. Please find attached. It has been nice working with u. Feel free to contact me if u need anything. Goodbye.

Running head: BUSINESS LAW

1

Business Law
Institution Affiliation
Date

BUSINESS LAW

2

QUESTION ONE. Elements of A Valid Offer
An offer is a declaration of willingness to enter a contract with another party under
specific terms. The offer becomes binding when the other party accepts. For an offer to be valid,
it must satisfy some essential elements. An offer can be expressed or implied. Hence the offer
can be written or by conduct. When it is written or oral, the offer is said to be expressed. When it
is by conduct, it is said to be implied. The offer must create legal relation; hence it should lead to
a rise in legal obligation between the parties (Poole, 2016). The offer must be clear and definite.
The offer can be specific or general. If it is communicated to the person(s), it is said to be
specific to the specific person(s). If it is communicated to the general public, it is said to be a
general offer. The offer must differentiate from an invitation to offer. An invitation to offer
communicates the willingness that a party can enter business with any party willing to make an
offer. The offer should also be communicated to the offeree. If it is not communicated, it is not
valid. The offer should not contain a different condition. That is, at...

ProfJamesmiller (20535)
Cornell University

Anonymous
Thanks for the help.

Anonymous
Outstanding. Studypool always delivers quality work.

Anonymous
Tutor was very helpful and took the time to explain concepts to me. Very responsive, managed to get replies within the hour.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4
Similar Questions
Related Tags