Exam 10: Agreement

Vivian goes to an auction and sees a rare antique lamp that is an identical match to one she already has.At the proper time she bids on the lamp and is the highest bidder.Even though she is the highest bidder,the auctioneer refuses to accept her bid and withdraws the lamp from the auction.Can the auctioneer do that?

If an offer specifies no time limit in which to accept:

You have placed an antique sofa up for auction and the auctioneer has not made any special announcements about the sale.You can withdraw the sofa at any time before the auctioneer closes the sale by announcement or by the fall of the hammer.

Dick offers to sell Jane his 1955 Thunderbird convertible.Before Jane can accept the offer,lightning strikes the car and it is totally destroyed.Which of the following is true?

A seller's form clearly states no warranty is included.The buyer's form states that the seller warrants the goods for one year.In this case:

Jerry knows that Lucy has coveted his classic car for quite some time.Finally willing to sell it,he sends a letter to Lucy offering to sell the car for $15,000.Lucy responds by saying she needs time to arrange financing.Lucy offers Jerry $100 to keep the offer open for two weeks.Jerry agrees,taking the $100.Three days later,Roberta contacts Jerry saying she is interested in buying the car and has the cash to buy it outright.Jerry is concerned that if he doesn't sell the car to Roberta now,she may not be interested later.Furthermore,Lucy may never be able to arrange financing.Jerry is afraid he may end up with no buyer at all.He comes to you for advice.What do you advise?