Chapter 12, End of Chapter, Questions, Exercise 1 Page 246 In consideration of $1,800 paid to him by Joyce, Hill gave Joyce a written option to purchase his house for $180,000 on or before April 1. Prior to April 1, Hill verbally agreed to extend the option until July 1. On May 18, Hill, known to Joyce, sold the house to Gray, who was ignorant of the unrecorded option. On May 20, Joyce sent an acceptance to Hill, who received it on May 25. Is there a contract between Joyce and Hill? Explain.Chapter 12, End of Chapter, Questions, Exercise 5 Page 24? '\" \"f The Snyder Mfg. Co, being a large user of coal, entered into separate contracts with several coal companies. In each contract, it was agreed that the coal company would supply coal during the entire year in such amounts as the manufacturing company might desire to order, at a price of $55 per ton. In February, the Snyder Company ordered one thousand tons of coal from Union Coal Company, one of the contracting parties. Union Coal Company deliyered five hundred tons of the order and then notified Snyder Company that no more deliveries would be made and that it denied any obligation under the contract. In an action by Union Coal to collect $55 per ton for the five hundred tons of coal deliyered, Snyder files a counterclaim, claiming damages of $1,500 for failure to deliver the additional five hundred tons of the order and damages of $4,000 for breach of agreement to deliver coal during the balance of the year. What contract, if any, exists between Snyder and Union? Chapter 12, End of Chapter, Questions, Exercise 8 Page 247 Alan purchased shoes from Barbara on open account. Barbara sent Alan a bill for $10,000. Alan wrote back that two hundred pairs of the shoes were defective and offered to pay $6,000 and give Barbara his promissory note for $1,000. Barbara accepted the offer, and Alan sent his check for $6,000 and his note, in accordance with the agreement. Barbara cashed the check, collected on the note, and one month later sued Alan for $3,000. Is Barbara bound by her acceptance of the offer