Contract Questions

293 jackson paid brady 100 for a 90 day option to

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Unformatted text preview: aid yet. b. Jack has given consideration, but Abe has not, since only Jack made a promise. c. Both Jack and Abe have given consideration. d. Neither Jack nor Abe has given consideration, because they did not actually bargain with each other. 293. Jackson paid Brady $100 for a 90-day option to purchase Brady’s 160-acre farm for $32,000. The option agreement was in writing and signed by both parties. The agreement referred only to the option, its period, a legal description of the farm, and the purchase price. Jackson wrote Brady 30 days later: “I hereby exercise my option to purchase your farm for $32,000 subject to closing details to be worked out by you and my attorney.” Jackson’s letter a. rejects Brady’s offer and terminates the option agreement. b. accepts Brady’s offer leaving customary details to be worked out during formalization of the contract. c. accepts Brady’s offer leaving a matter to be negotiated during formalization of the contract. d. does not affect the o...
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