Question
On November 3, an investor who had watched his stocks sink to unprecedented low levels sent a fax message to a dealer in precious metals:
On November 3, an investor who had watched his stocks sink to unprecedented low levels sent a fax message to a dealer in precious metals: "Please quote your best price on 800 troy ounces platinum bars for immediate delivery at my bank." At 10 a.m. the next morning (November 4) the dealer replied by fax, "My best price is $475 per ounce." The investor received the dealer's message later on that same day.
a. Is there a contract if funds are sent by the end of the day on November 4th?
Step by Step Solution
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Step: 1
To determine whether there is a contract formed when the funds are sent by the end of the day on November 4th lets analyze the situation stepbystep St...
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Intermediate Microeconomics and Its Application
Authors: walter nicholson, christopher snyder
11th edition
9781111784300, 324599102, 1111784302, 978-0324599107
