This preview shows page 1 - 2 out of 2 pages.

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.
Image of page 1

Subscribe to view the full document.

Image of page 2
  • Spring '10
  • elaine
  • Contract Law, Goods Act, Francine, Bora Bros.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern