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Unformatted text preview: must pay the additional $500.
Arthur has given no additional consideration, and under the common law must perform at the
agreed upon original price.
The substitute agreement is an illusory contract.
The debt is a disputed one, and therefore Bob is obligated to pay the additional money. 142. Arthur has offered to take Bob into his accounting firm as a partner upon payment of $5,000
cash. In response, Bob says, “I’ll give you $3,000 cash now and I will pay you the remainder in
two months after I see whether things are working out as a partnership.”
Bob has made a counteroffer and hence there is no contract.
Bob has rejected the terms of the original offer, but there is still a contract.
Under Article 2 of the UCC, Arthur is a merchant making a firm offer. Hence there is a
Any indefinite provisions in the contract between Arthur and Bob will be supplied by Article 2
of the UCC.
143. Arthur mails an offer to Brian on June 15. Brian receives the offer on June 16...
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