Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

bussiness law On October 5, 2019, Arthur offered to sell 100,000 bushels of potatoes at $3.00 per bushel to Brian. Despite a volatile market for

bussiness law
image text in transcribed
On October 5, 2019, Arthur offered to sell 100,000 bushels of potatoes at $3.00 per bushel to Brian. Despite a volatile market for potatoes, Arthur promised to keep his offer open for five days. On October 7, 2019, however, a major fast-food chain of restaurants offered to purchase Arthur's entire inventory of potatoes for $1,200,000. As this was an exceptionally good offer, Arthur accepted. On October 9, 2019 Brian called Arthur and told him that, although he had heard about the sale to the fast-food chain from one of Arthur's employees, he was accepting Arthur's original offer. a. Is there a contract between Arthur and Brian for the purchase and sale of 100,000 bushels of potatoes? Explain. (2 points) b. How could Brian have avoided this risk and ensured that Arthur's offer to sell the potatoes would be binding on him? Explain. (2 points)

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

Auditing Cases An Interactive Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

6th edition

133852105, 978-0133852103

More Books

Students also viewed these Accounting questions

Question

Explain the key components of an assessment center (AC).

Answered: 1 week ago