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Case 1 Bert owned an early historic speed boat which he decided to sell for $50,000. Bert told his friend James and James said he was very interested and would Bert give James the first right to buy the speed boat. Bert agreed to do so. After a few weeks Bert asked James if he still wanted to buy the speed boat. James said he was seriously thinking about it. Bert told James he was going to advertise the speed boat "for sale at $60,000 or near offer" on the Historic Speed Boat Club's notice board. In response to the advertisement in the club Bert received a telephone call from Alphonse. Bert told Alphonse the speed boat was for sale "But someone has right of first refusal." Alphonse then expressed surprise and asked Bert if he was selling or not. Bert said he was selling the speed boat for $60,000 or near offer and invited Alphonse to call and inspect the boat. Alphonse called on Bert and after inspecting the boat offered Bert $50,000 for it. Bert said he would have to speak to James before accepting. Alphonse then said he would pay Bert the asking price of $60,000. Bert told Alphonse to wait a minute and Bert went into his office and rang James telling him what Alphonse had said. James said he would buy the boat for $50,000 as originally agreed. Bert said to James "I suppose I have to sell the boat for $50,000 to you". Bert then told Alphonse about the conversation with James. Alphonse claimed the speed boat was already sold before the discussion with James. Outline the
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