Umar applied to a company to buy some shares in April and paid a deposit. He didn't hear anything from company until November when company sent him a letter of allotment as acceptance and a request for the balance. By this time, Umar had changed his mind and no longer wanted the shares. Question a. Is Umar bound to buy the shares? Why or why not?

Umar applied to a company to buy some shares in April and paid a deposit. He didn't hear anything from company until November when company sent him a letter of allotment as acceptance and a request for the balance. By this time, Umar had changed his mind and no longer wanted the shares. Question a. Is Umar bound to buy the shares? Why or why not?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 66P

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: Umar applied to a company to buy some shares in April and paid a deposit. He didn’t hear anything from company until November when company sent him a letter of allotment as acceptance and a request for the balance. By this time, Umar had changed his mind and no longer wanted the shares. Question a.Is Umar bound to buy the shares? Why or why not?
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