Questions On Terms Of Agreement

1454 Words6 Pages
Question 1: In terms of agreement (i.e., offer and acceptance), explain what has happened and the legal status of the parties following statement number 4. [Insert your answer for question 1 here; answer all other questions likewise immediately following the question.] After saying the fourth statement, Sam is accepting the agreement by saying “that sounds great to me”, but nothing has been accepted legally because there has not been a selling amount stated for the bike yet. From Sam’s statement, the reasonable person would assume there will be a contract, but as of right now there is not. Several days later Bob and Sam meet, by chance, in a coffee shop, and continue their exchange regarding the potential sale of Sam’s old bike. 5. Bob: Hey Sam, I 'm ready to get your bike. 6. Sam: Hold on, I 'm not sure I want to sell it. 7. Bob: Would you take $800 for it? That 's more than you 'd get on Craigslist, and less hassle for you. Plus, it 's a fair price. 8. Sam: Yeah, I guess so. I 'm really not sure that I want to get rid of it, but you can have it for $800 if you want it. 9: Bob: I 'm not sure if I want to pay $800 for it. $750 and it 's a deal. 10: Sam: I 'll think about it. Question 2: What is the legal significance, if any, of statement number 7? Explain. The legal significance in statement 7 is that Sam is the offeree because he has the option to accept the legal offer of the 800 dollars for the bike that Bob made as the offeror. Bob
Open Document