Required:

Discuss Henry's legal relationship and obligations to each of the other parties. Refer to the cases in the textbook and lecture notes showing their relevance to these facts.

below is the case

On 1 February Henry, a retired accountant, placed the following advertisement in his local paper:

For Sale- Ford Mustang Coupe SHELBY GT3506SPD MANUAL a brilliant car, $120,000, offers please.

On 2 February, Alpha wrote to Henry as follows:

"I have seen your lovely car and would like to buy it. I am seeing my solicitor this afternoon as he is holding my money on trust and will get him to send the money as soon as possible."

On 3 February, Beta telephoned Henry and said:

"I am very interested in your Volvo, but I don't know whether or not I can get a small loan. I will see my bank manager in a couple of days and if I get the money, I will buy it."

Henry replied to Beta:

"Thanks for that. I expect that I will hear from you later."

On 5 February, Delta, who had already inspected the car, delivered a letter, which said:

"I would like to buy your car, but I have spoken to a Jaguar dealer who says the market value is no more than $100,000 which is what I now offer."

Henry immediately writes a reply stating:

"I cannot agree. My own dealer had told me that it is worth $120,000 so I am sticking to that price."

On 12 February, Henry received simultaneous letters as follows:

From Alpha"My solicitor has now given me the money from the Trust fund.I will collect the car and give you a cheque tomorrow for $120,000."

From Beta"My bank manager has approved a loan. I will bring you a cheque for $120,000 and collect the car tomorrow."

From Delta"You drive a hard bargain, but I accept your offer at $120,000. I cannot bring you $120,000 in cash until tomorrow. I hope that the car is ready then."