Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Harold is a contractor who builds and sells houses. He is trying to determine a selling price for a building he plans to construct. He

Harold is a contractor who builds and sells houses. He is trying to determine a selling price for a building he plans to construct. He obtains a written statement from the "Plumbing Supply Store" to sell Harold all of the required plumbing supplies for $25,000.00 if ordered within the next 45 days. 30 days after this offer was extended, Harold places an order. However, before Harold responded, the store sold the supplies to another contractor and sent Harold a fax revoking the offer to sell Harold the supplies. Which of the following statements accurately states the legal implications of this scenario? 1. There is no enforcable contract because under the UCC Statute of Frauds to enforce an agreement for the sale of goods worth over $500 there needs to be a written contract. 2. There is no contract because the offer was revoked before the attempted acceptance was made. 3. There is a contract because of the merchant's firm offer rule under the UCC 4. The store's offer is an offer to provide Harold with an option to purchase the required supplies for which option Harold needed to pay some consideration in exchange in order to have a contract

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

Market Based Management

Authors: Roger Best

6th edition

130387754, 978-0130387752

More Books

Students also viewed these General Management questions

Question

Where do credit card payments get recorded?

Answered: 1 week ago