Koh was naturally hesitant as he could not afford

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Unformatted text preview: h was naturally hesitant as he could not afford such expensive stuff. Bo then said to Koh, “Well, think about it. If I don’t hear from you by noon tomorrow, I will consider it sold.” The next day, Bo visited Koh again at about 3 pm. Koh told him sheepishly that he could not afford to fork out $1,200 but that he would be happy to settle for $800. Nodding, Bo left behind the basket of health food and supplements. Three weeks later, when Koh had still not paid up his $800, Bo became impatient and pressed Koh for the money, whereupon Koh confessed that $800 was still too much to pay for such foodstuff. Tired with the bargaining process, Bo finally said to him, “Ok, ok, I have to make a loss on this one. Just pay me $500 upfront and we’ll call it quits.” Feeling assured, Koh dug into an old, dusty drawer and took out a $500 note for Bo. Relieved and grateful that he is no longer indebted to Bo, Koh decided to make a donation of $50 (from his meagre savings) to the Ren Ci Hospital. Bo now wants to sue Koh on the original price of $1,200, demanding from him the extra $700. In my view, Bo succeeds on this claim. Bo first offered to sell the products at $1,200 on 1 May 2000 and when Koh failed to give a reply by noon the next day, he is deemed to have accepted Bo’s offer. Although Bo subsequently agreed to reduce the price to $800 and then further to $500, he is not bound by such agreement since Koh had not furnished any fresh consideration for it. This view is in keeping with est...
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