BUSINESS LAW

Additional Offer and Acceptance Problem

Clinton, a vintage clothing retailer, sent the following signed letter to Stacy on January 3: I promise to sell you my collection of rare vintage Victorian hats for $15,000. This is a firm offer that will be open until January 17 and will not be withdrawn before that date. Stacy received the offer on January 5.

On January 8, Clinton changed his mind and decided he did not want to sell the hats. He sent a letter to Stacy, which she received on January 11, in which Clinton stated that he was withdrawing his offer.

On January 12, Stacy sent a letter to Clinton, accepting his offer. Due to delays in the mail, Clinton did not receive this letter until January 19. When Stacy went to Clintons store on January 21 to pay for the hats and arrange for delivery, Clinton said there was no contract and refuses to take payment or give the hats to Stacy.

1. In an action by Stacy against Clinton for breach of contract, judgment for whom? Explain.

2. Assume instead of the information in the first paragraph that Clintons letter states, This offer will expire on January 17. Would this change your answer to part (a)? Explain