COMMERCE 393 PRACTICE MIDTERM ANSWER GUIDE FEB 2013

COMMERCE 393 PRACTICE MIDTERM ANSWER GUIDE FEB 2013 -...

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COMMERCE 393 PRACTICE MIDTERM ANSWER GUIDE FEB 2013 QUESTION #1 a) Is there a contract between Francine’s and Wendy? Offer and acceptance are the main elements of a contract, and when they are present, a contract has usually been formed. Wendy made Francine’s an offer on October 7, and Francine’s accepted on October 8. (Consideration was in the form of their mutual promises to buy and sell). A contract between Francine’s and Wendy was formed on October 8. Is there a contract between Francine’s and Beth? Francine’s mailed an offer to Beth on October 1. Beth mailed her acceptance to Francine’s on October 21. There is the mutual exchange of promises to buy and sell. When was acceptance effective? The postal acceptance rule says that if an offer comes by mail without any directions regarding acceptance or where acceptance by mail is stipulated, acceptance is effective when the letter is mailed. In this case it was reasonable to accept by mail because the offer was by mail. Acceptance was effective October 21. Did the offer terminate by revocation? Revocation is permitted at any time prior to acceptance. Francine’s did revoke the offer, but on October 22, after acceptance had occurred. Did the offer terminate by lapse? An offer lapses after a specified length of time, or if there is no specified length of time, after a reasonable length of time.
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  • Spring '10
  • elaine
  • Contract Law, Goods Act, Francine, Bora Bros.

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