Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Stelwire LLC, a vintage car dealer, advertises the sale of a 1964 Ford Thunderbolt. Ralph responds to the advertisement with an offer of $80,000 for

Stelwire LLC, a vintage car dealer, advertises the sale of a 1964 Ford Thunderbolt. Ralph responds to the advertisement with an offer of $80,000 for the car. Stelwire signs a written assurance to keep that offer open to Ralph for a fortnight. Five days before the fortnight is up, Stelwire sells the car to another buyer. At the end of the fortnight period, Ralph tenders $80,000 for the car, but the car has already been sold. Ralph then buys the same model car from another dealer for $90,000 and sues Stelwire for breach of contract. The court rules that Stelwire is liable to Ralph for breach of contract and orders Stelwire to pay Ralph the difference of $10,000 he paid extra to the second dealer for the car. Which of the following rules governs the execution of this contract?

A) firm offer rule

B) mirror image rule

C) battle of the forms rule

D) gap-filling rule

Step by Step Solution

3.46 Rating (153 Votes )

There are 3 Steps involved in it

Step: 1

Required solution AnswerThe firm offer rule Explanation will be g... 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

Step: 3

blur-text-image

Document Format ( 2 attachments)

PDF file Icon
635dc7553bb8e_178791.pdf

180 KBs PDF File

Word file Icon
635dc7553bb8e_178791.docx

120 KBs Word File

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

College Physics Reasoning and Relationships

Authors: Nicholas Giordano

2nd edition

840058195, 9781285225340 , 978-0840058195

More Books

Students also viewed these Accounting questions

Question

Write down the causes of Plagiarism.

Answered: 1 week ago