Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Define the Objective Theory of Contracts. 2. On May 1, Brand Name Industries, Inc. (BNI), sent Carol a letter, via overnight delivery, offering to

1. Define the Objective Theory of Contracts.

2. On May 1, Brand Name Industries, Inc. (BNI), sent Carol a letter, via overnight delivery, offering to employ her to audit BNI's financial statements for the current year for $10,000. In the letter, BNI stated that Carol had ten days to accept. On May 5, Carol sent BNI a fax that stated, "The price for the audit seems too low. Would you consider paying $12,000?" BNI received the fax. The next day, Dan offered to conduct the audit for $8,000. On learning of Dan's offer, Carol immediately e-mailed BNI, agreeing to do the work for $10,000. BNI received this e-mail on May 7. Explain why BNI and Carol do, or do not, have a contract.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Civil Procedure

Authors: Stephen C. Yeazell, Joanna C. Schwartz

10th Edition

1454897880, 978-1454897880

More Books

Students also viewed these Law questions

Question

4. What means will you use to achieve these values?

Answered: 1 week ago