- Southworth – P was approached by D, neighbor, for first time to discuss selling his land. P received letter w/specific terms to sell. P accepted. Court said there was an offer. P wins. 269 RULE: look at context. Possible for neighbor 15
Downloaded From OutlineDepot.com 3. class offerree 4. definiteness of proposal to make serious offer terms are specific. Setting is not social. In rural area this is normal way of conducting business. - Bretz -bretz offered to buy stock. PGE responds w/revised offer and asks Bretz to resubmit (includes “request is subject to management approval”). NO contract – asking a party to resubmit is not acceptance, but rather implying PGE was receptive to looking at new offer. Entered into contract w/3 rd party BEFORE PGE received letter therefore no estoppel. D wins. 275 RULE: asking a party to resubmit an offer is not acceptance. Promissory estoppel not enforceable if relied on before receiving what party thought was acceptance. Auction – all presumed to be w/reserve unless stated otherwise. w/reserve – can be w/drawn w/out reserve – sells to highest bidder (and can’t be owner or owner’s agent) UCC -2-328(3) Shill bidding – phony bids to drive up prices. UCC 2-328 Sale by Auction. (1) In a sale by auction if goods are put up in lots each lot is the subject of a separate sale. (2) A sale by auction is complete when the auctioneer so announces by the fall of the hammer or in other customary manner. Where a bid is made while the hammer is falling in acceptance of a prior bid the auctioneer may in his discretion reopen the bidding or declare the goods sold under the bid on which the hammer was falling. (3) Such a sale is with reserve unless the goods are in explicit U put up without reserve. In an auction with reserve the auctioneer may withdraw the goods at any time until he announces completion of the sale. In an auction without reserve, after the auctioneer - Equitable Life Assurance – property to be sold at auction (w/reserve). Message to stop auction received before the gavel went down. No sale. P wins. UCC 2-328(3). 279 RULE: may w/draw sale at auction with reserve up until gravel goes down. 16
Downloaded From OutlineDepot.com calls for bids on an article or lot , that article or lot cannot be withdrawn unless no bid is made within a reasonable time. In either case a bidder may retract his bid until the auctioneer's announcement of completion of the sale, but a bidder's retraction does not revive any previous bid. (4) If the auctioneer knowingly receives a bid on the seller's behalf or the seller makes or procures such a bid, and notice has not been given that liberty for such bidding is reserved, the buyer may at his option avoid the sale or take the goods at the price of the last good faith bid prior to the completion of the sale. This subsection shall not apply to any bid at a forced sale.
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- The Land, promise