Exam 12: Agreement: Offers and Acceptances

When Olga asks Sven if he wishes to sell his Harley motorcycle,he replies that he would not sell it "for less than $2,000." Olga replies,"I accept," and hands him $2,000.A contract exists.

Nunnsky's Retail sent out newspaper inserts advertising wool suits for $50.In fact,the store had only two,out-of-style suits for sale at this price.Their other wool suits started at $175.This constitutes bad faith in its advertising,so consumers may have protection through state consumer protection statutes.

Which of the following are generally considered to be legal offers?

According to the UCC,one or more open terms will not cause a sales contract to fail for indefiniteness as long as the parties intended to make a contract and there is a reasonably certain basis for the court to determine the open terms.

Revocation is the withdrawal of an offer by the offeror.

McCann Construction purchased a poured concrete form from Advance Concrete Forms,Inc.McCann purchased the concrete form by placing a phone call to Advance in Madison,Wisconsin.Advance delivered the concrete form with an invoice stating the terms of the sale required payment within 30 days and a 1 1/2 % interest per month finance charge would be charged on accounts over 30 days.When McCann failed to pay the invoice on time,interest was charged according to this rate.Later,McCann refused to pay the accumulated interest charge,claiming there was not a meeting of the minds regarding the finance charge in any conversation prior to the sale.The trial court concluded that the finance charge was in fact an additional term added by Advance when it accepted McCann's purchase order.Discuss Uniform Commercial Code Section 2-207 in general and with regard to this situation.Does McCann owe the interest accrued?

Jack mails an offer to Joan that states,"I offer to sell you my car for $2,000.If I don't hear from you in 10 days,I will assume you are willing to buy the car for the stated price." Jack hears nothing by the deadline and assumes he has a deal.What is the result?

Nella offers to sell her crop of strawberries,which have just been picked,to Morgan's Market.Since Nella does not specify a time limit for acceptance,Morgan's can accept the offer at any point in time.

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

The intent of the offeror to extend an offer to the offeree is generally determined by reference to

Wally owns 200 acres of land.Wally offers to sell the land to Robert for $1,500 per acre.Robert replies that he does not need 200 acres of land but would like to buy 40 acres at $1,500 per acre.Wally agrees to sell but does not identify which 40 acres.Later,Wally refuses to sell any land to Robert.What is the result?

Discuss the effect of the Uniform Commercial Code on the law of sales contracts in the area of open terms.

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?

Which of the following scenarios describes an offer?

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.

Software clickwrap and browsewrap agreements limiting the manufacturer's maximum responsibility to a refund of the purchase price even if the software destroys your hard drive have generally been found to be binding against consumers.

What is the best definition of the mailbox rule?

If Morales and Rolfes Supply negotiate for the purchase and sale of a supply of fuel for a three-year period for Morales' business,

In an option contract,the offeror may not revoke an offer during the option period.

Vick Valve Company makes valves for plumbing fixtures.At the beginning of the year,it sends out a price list addressing each one,"To our valued customers." Honest Hank Hardware orders a variety of valves at the prices quoted on the price list.Vick Valve must honor the prices on the list and sell the valves to Honest Hank.