Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On June 1, Maureen sent an overnight express letter to Joel that offered to sell 10,000 shares in Tadpole Inc (a computer software company) for

On June 1, Maureen sent an overnight express letter to Joel that offered to sell 10,000 shares in Tadpole Inc (a computer software company) for $5 each. Her letter did not require Joel to respond by any particular date but said he should email her his response right away. On June 3, Tadpole Inc publicly announced that its engineers had perfected a new technology that would revolutionize the electronic commerce industry. The shares of Tadpole increased to $70 each. On June 5, Joel returned from his cottage and learned of both Maureen's offer and the price of Tadpole Inc shares. His email was not working so he promptly sent an express letter to Maureen that said, "I accept your offer. I will pay a total of $50 ,000 for 10,000 shares in Tadpole Inc." and proceeded to sell 100 shares in stock in Apple Computers to pay for it. By 9 a.m. on June 6, the price of a single share in Tadpole had increased to $100. Maureen immediately express mailed Joel withdrawing her offer. On June 7, Apple announced its new IPhone and its stock immediately increased by $300 per share. On June 7, Maureen received Joel's letter accepting the contract. On June 8, Joel received Maureen's letter withdrawing her offer. Maureen refuses to sell Joel the Tadpole stock. Should Joel sue Maureen for breach of contract? If so would he be successful and what are his remedies? Can Joel recover even if he would not be successful for breach of contract?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

International Marketing And Export Management

Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr

8th Edition

1292016922, 978-1292016924

Students also viewed these Finance questions

Question

Explain all drawbacks of the application procedure.

Answered: 1 week ago