Exam 10: Agreement

Should the rules of offer and acceptance be changed to reflect the increasing use of instantaneous communications such as fax machines and online commercial transactions? How does doing business in this environment differ from in the past? What changes,if any,should a business make in the terms or manner of offers and acceptances?

The rejection of an offer:

The communication of an offer can be made by:

Roberta offers to sell certain land to Emily for $10,000.This offer is made by a letter,signed by Roberta and mailed on March 1,1990.The letter also stated that the offer would be kept open until July 1,1990.About two weeks later,Roberta sent Emily another letter in which she revoked her offer.On June 15,after she had received both letters,Emily wrote to Roberta accepting her offer of March 1.Discuss in detail whether there is a valid contract between Roberta and Emily.

Sally owns a very expensive fur coat that Mary would like to buy.During the course of conversation,Mary asks how much Sally would take for the coat.Sally replies,"I am not sure I want to sell the coat,but I think it is worth about $3,000." Mary says,"That is a little more than I wanted to spend." Several days later,Mary calls Sally on the telephone and says,"I'll bring over the $3,000 today." Sally refuses to sell the coat,and Mary sues.What results?