Business, 07.12.2019 06:31 zamariahyou

12–2. offer and acceptance. schmidt, the owner of a small business, has a large piece of used farm equipment for sale. he offers to sell the equipment to barry for $10,000. discuss the legal effects of the following events on the offer: (see page 249.)

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Schmidt, the owner of a small business, has a large piece of used farm equipment for sale. He offers to sell the equipment to Barry for $10,000. Discuss the legal effects of the following events on the offer:

•Schmidt dies prior to Barry’s acceptance, and at the time he accepts, Barry is unaware of Schmidt’s death.

•The night before Barry accepts, fire destroys the equipment.

•Barry pays $100 for a thirty-day option to purchase the equipment. During this period, Schmidt dies, and later Barry accepts the offer, knowing of Schmidt’s death.

•Barry pays $100 for a thirty-day option to purchase the equipment. During this period, Barry dies, and Barry’s estate accepts Schmidt’s offer within the stipulated time period.

Explanation:

A contact is a binding agreement between two or more people.

Schmidt dies prior to Barry’s acceptance, and at the time he accepts, Barry is unaware of Schmidt’s death: Schmidt's death would normally null this offer but because Barry is unaware of his death at the time of acceptance, and the offer is not for a personal service, the offer holds.

The night before Barry accepts, fire destroys the equipment: there is no binding contract before a buyer accepts an offer.

Barry pays $100 for a thirty-day option to purchase the equipment. During this period, Schmidt dies, and later Barry accepts the offer, knowing of Schmidt’s death: The option keeps the offer alive regardless of Schmidt’s death as long as Barry paid for the option .

Barry pays $100 for a thirty-day option to purchase the equipment. During this period, Barry dies, and Barry’s estate accepts Schmidt’s offer within the stipulated time period: the death of the offeree, in this case Barry, would normally nullify the offer but due to the option and the acceptance within the stipulated time, the offer holds.

Answer from: Quest

answer; at prices that violate government price regulations;

Answer from: Quest

Answereconomy of purchase;

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12–2. offer and acceptance. schmidt, the owner of a small business, has a large piece of used farm e...

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