Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Multiple choice 35. John owns a thoroughbred horse named Prince Charming that just ran in the Kentucky Derby. Prince Charming came in last, much to

image text in transcribedMultiple choice
35. John owns a thoroughbred horse named Prince Charming that just ran in the Kentucky Derby. Prince Charming came in last, much to John's frustration and embarrassment. John exclaims in a loud voice, "I'm selling that horse to the first person who hands me $10.00 bucks!" John has: a. made an offer to anyone within hearing distance and will be bound by his offer to the first person who produces $10.00. b. c. made a firm offer and will be bound by his offer for a reasonable period of time. made an acceptance to the first person who can produce $10.00. not made an offer because under the circumstances a reasonable person would not conclude that John had intent to make an offer. 36. On Monday morning, Mandy faxes her offer to Erik. On Monday afternoon, Erik writes, "I accept' on the f Tuesday morning, Erik mails his acceptance. On Tuesday afternoon, Mandy faxes Erik a revocation of the offer. O Thursday morning, Erik's acceptance letter arrives at Mandy's office. a. the offer was revoked when the revocation was faxed because it was sent before the acceptance arrived at Mandy's office the offer was revoked when the revocation was received by Erik because it arrived before the acceptance an at Mandy's office / the contract became valid when Erik mailed the acceptance . the contract became valid when Erik wrote, "I accept" on the fax

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_2

Step: 3

blur-text-image_3

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

Financial Accounting And Reporting

Authors: John McKeith, Bill Collins

2nd Edition

0077138368, 978-0077138363

Students also viewed these Accounting questions