Answered step by step
Verified Expert Solution
Question
1 Approved Answer
. Ben There, a general contractor submits a bid in the amount of $ 1 0 million to construct a casino for Ronald Stump, a
Ben There, a general contractor submits a bid in the amount of $ million to
construct a casino for Ronald Stump, a casino magnate. Stumps bid solicitation stated
all general contractor bids were final and all bids must be accompanied with a bid bond
in the amount of of the bid. Ben There received a bid from Elektra totaling $
million for the electrical work. Ben There used Elektras bid in compiling the project bid
for Stump because Elektras bid was the lowest bid for the electrical work. The next
lowest bid was from Daredevil for $ million.
Two hours after bids are opened, Ben There receives a phone call from Elektra stating
Elektra made an error in compiling the electrical bid and could not perform the work for
less than $ million. Ben There tells Elektra that Elektra must perform if awarded the
job, but Elektra insists on revoking.
Ben There is awarded the project by Stump for the bid price of $ million and Elektra
refuses to honor his $ million bid. Ben There then awards the electrical work to
Daredevil for $ million. How much, if anything, can Ben There recover from Elektra?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started