This is your class paper assignment,worth10%of your final grades.This is assignment is due on Monday,April10,2017at11:59pm.You are an assistant to the attorney for ABCD company.To complete this assignment you must write a two-to-three page report discuss the case below:

Several months ago,WXYZ Co.CEO met with ABCD's CEO for lunch to discuss potential business ventures between both companies.After several glasses of wine WXYZ's CEO offered to buy from ABCD a20acre parcel of waterfront land located in the Florida Keys.WXYZ's purchase offer was for$50million but ABCD's reply was that it would sell the land only at$70million.Since WXYZ had so much interest in this piece of land,its CEO told ABCD that he would have to meet with the rest of its board to make a decision but that he would pay ABCD$10,000to keep the option to buy the land open for30days.ABCD's CEO,agreed and wrote in a piece of paper that in exchange for$10,000ABCD was giving WXYZ the option to buy the land in question within30days at a$70million price.WXYZ then gave ABCD's CEO a$10,000check which they promptly cashed.On day20th,WXYZ met and it unanimously agreed to buy the land from ABCD at$70million.That same day,its CEO sent ABCD's CEO a fax confirming that they were accepting ABCD's offer to buy the land.Upon receiving the fax,ABCD's CEO called WXYZ to inform them that the offer was off the table and that the price for the land was now$90million which WXYZ refused to pay.Two days later billionaire Richie Moneymaker offered to buy the land from ABCD for$100million.WXYZ is now demanding that ABCD honor its word and sell them the land for the original offered price.