FACTS: Henry HomeOwner (H) invited a number of local remodeling contractors to submit bids for his remodeling project, to have a recording studio built in his home.On September 30^th, Bob Builder (B) submitted the lowest bid, which was $20,000 less than any other bid.H called B to ask about the type and quality of the building materials included in Bob Builder's low bid, and then asked if B could substitute a better brand of acoustic tiles for the same bid price. They also discussed possibly starting the work on November 1st.B said he would have to check on what it would cost to get the better acoustic tiles.On October 30^th, H had not heard back from B, decided he did not want to build a studio after all and notified B he was no longer interested.B considers suing H for breach of contract to recover the cost of the better acoustic tiles, which B had purchased on October 25th.

NOTE: THERE IS NO ONE "RIGHT" ANSWER, BUT YOUR INDIVIDUAL ANSWERS SHOULD BE CONSISTENT.

You must tell me whether there is a valid offer? If so, what is the offer?Is there a valid acceptance?If you answer NO to either in b, what is missing/needed?

And, whether or not you believe there is an enforceable contract, state what elements are needed to form a contract, and which elements are present or missing in this scenario.

REMEMBER: AN OFFER CAN BE TERMINATED SEVERAL WAYS BEFORE IT IS ACCEPTED.

FINALLY,what are the 7 ways this offer could be terminated - including by things that have not yet happened).

a. Who is the Offeror? ___________________ Who is Offeree? ________________________.

b. Was there a valid offer? ___________ Was there a valid acceptance? ________

Explain your answer:

c. Do you think a contract was formed?Why or why not?

d. Do you think Henry HomeOwner terminated an offer by Bob? Why or why not?

(question 1 continues on next page)

e. During the 30 days after Bob and Henry talked about upgrading the quality of materials,

describe all ways the offer might have been terminated (if there were different facts).