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Schmidt, the owner of a small business, has a large piece of used farm equipment for sale. He offers to sell the equipment to Barry
Schmidt, the owner of a small business, has a large piece of used farm equipment for sale. He offers to sell the equipment to Barry for $10,000. Discuss the legal effects of the following events on the offer: (See Elements of Agreement.)
) Barry pays $100 for a thirty-day option to purchase the equipment. During this period, Schmidt dies, and later Barry accepts the offer, knowing of Schmidt's death.
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