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5.A. Identifyand explainthe elements necessary for an effective offer. Provide one example of a “non-offer”.Bus 18, Midterm Exam #3Page 3 of 7
B. Discuss how an offer can be acceptedBe sure to: 1) distinguish between bilateral and unilateral contracts, 2) identify the required elements for a valid acceptance and 3) address the UCCand common lawstandards for interpreting those elements . indicating the differences between them... 6.Vu knows that Bryce has coveted his classic car for quite some time. Finally willing to sell it, he sends a letter to Bryce offering to sell him the car for $65,000. Bryce respondsby saying he needs time to arrange financing. Bryce offers Vu $500 to keep the offer open to him for two weeks. Vu agrees, taking the $500. Three days later, Devin contacts Vu saying he is interested in buying the car and has thecash to buy it outright. Vu is concerned that if he doesn’t sell the car to Devin now, he may not be interested later. Furthermore, Bryce may never be able to arrange financing. Vu is afraid he may end up with no buyer at all. He asks for your opinion. What do you advise and why?7.Nguyen Construction purchased a poured concrete form from Guzman Concrete Forms,Inc. Nguyen purchased the concrete form by placing a phone call to Guzman in Madison, Wisconsin. Guzman delivered the concrete form with an invoice stating the terms of the sale required payment within 30 days and a 1 ½ % interest per month finance charge would be charged on accounts over 30 days. When Nguyen failed to paythe invoice on time, interest was charged according to this rate.