Ch. 5 - Introduction to Contracts; Q 1 and 6.docx

Ch 7 agreement q 1 2 and 3 1 black is in need of a

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Ch. 7 - Agreement; Q 1, 2, and 3 1) Black is in need of a turret lathe similar to the one White is trying to sell. White offers Black the lathe for $2,500. Black: "I accept, providing you will deliver the lathe and have it in my shop by noon tomorrow." White: "Sorry, but my truck will not be back in town before tomorrow night." Black: "Then I will pick it up myself, because I need it immediately." White: "I believe I will wait a while longer before selling it." Black: "You can't; we made a contract." Was there a contract? Why or why not? Yes, there was an initial contract once Black stated he accepted White's offer to sell him the lathe for $2,500. That initial contract became void as soon as Black altered the introductory offer with the stipulation statement: " providing you will deliver the lathe and have it in my shop by noon tomorrow ." White never promised Black delivery of the lathe by noon the next day, he only promised him he would sell it for $2,500. 2) On January 3, Gray sends Brown the following offer by email: "I offer you my vertical milling machine in the same condition it was when you last saw it for $4,200. This offer will remain open for your email acceptance until January 15." On January 9, at 10:00 AM, Brown sends the following text message via a
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Pilson 3 smart phone to Gray: "I accept your offer for your vertical milling machine for $4,200." I am sending a truck for it immediately." Is there a contract? Why or why not? Yes, there is a contract, their agreement contains the two elements to be legally valid; both parties are in agreement, Gray offered the milling machine for $4,200 and Brown accepted it for the offered price. Something of value was agreed to be exchanged for something else of value.
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  • Fall '18
  • Julio Smith
  • Black

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