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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 There is no contract because the offer was revoked before the attempted acceptance was made. 3.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
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