H2 You are a new sales representative for Myco Equipment Corporation. You take Sam, a new customer, out to dinner.After dinner, you have shaken hands on a deal to sell the customer nearly $200,000 worth of equipment.In writing the formal contract the next morning, you discover that you miscalculated the equipment price. (Yikes!)Your error could cost your company, Myco, $50,000. (And it could also cost you your job!)You phone your customer and explain the situation.Please answer these questions:1) Is the "deal" you made at dinner an enforceable contract?2) Does your mistake permit you to get out of an enforceable contract?3). What do you think should happen in this situation?Your response should be at least 300 words.

When one of the agreed-upon terms and conditions is broken, there has been a binding contract…

Answered: You are a new sales representative for…

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 93TPC

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