assignment 6.docx - Question A Part 1 An offer is when a...

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Question A Part 1 An offer is when a party promises to give an item or service to someone. Then the offeree would accept the promise of the item or service. Once the offeree accepts the offer the offeror and offeree are bound within the contract. Part 2 Otto the offeror gave out an offer for buyers to give their bids for scrap metal. Otto received two offers for the scrap metal. Erin’s, the offeree, bid was the highest. Otto decided to retract his offer and not sell the scrap metal. When Erin gave their offer, they did not go into a mutually bound contract, since Otto did not except either of the offers that were received. Otto did not counter their bids; the offer was withdrawn. Erin would not have a case against Otto since they did not enter into a binding contract. Part 3 In this case Otto had every right to pull the offer. There would be no case for Erin to sue Otto since the offer was taken away. In a case like this the law is very vague in the sense that it does not say anything about bids or what offer you have to accept. Given that the law for offer and acceptance says that the
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  • Fall '16
  • Charles Kaiser

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