for $1,000. In the letter, BNI stated that Carol had ten days to accept. On May

Question

for $1,000. In the letter, BNI stated that Carol had ten days to accept. On May 5, Carol sent BNI a fax that stated, The price for the audit seems too low. Would you consider paying $1,200?" BNI received the fax. The next day, Dan offered to conduct the audit for $800. On learning of Dan's offer, Carol immediately e-mailed BNI, agreeing to do the work for $1,000. BNI received this e-mail on May 7. Explain why BNI and Carol do, or do not, have a contract. 3. The Olivers mentione to Southworth, a neighbor, that they planned to sell off some of heir ranch land. Southworth expressed interst in purchasing the property and later notified the Olivers that he had the money availaaable to buy it. The Olivers told Southworth that they woild let him know shortly about the details concerning the sale. The Olivers later sent a letter to Southworth -and (unknown to Southworth) to several other nighbors. information about the sale including the price, the propery location and the aount of acreage involved. When Southworth received the letter, he senta letter to the Olivers "accepting" their offer, The Olivers stated that the inforlmation letter had not been intended as an "offer" but merely as a starting pint for negotiations. Soutworth brought suit against the Olivers to enforce the "contract. Did a contract exist? Fully explain. Pick 1 of the following questions to answer. i. Beachcomer, a coin deal, sues to recind a purchase by Boskett, who paid $100 for a dime both parties that was minted in San Francisco. In fact, it was minted in Denver Beachcomer asserts there was a mistake and the contract is not valid and thus not enforceable. Boskett claims if there is amistake it is only one related to value and does not effect the validity of the contract. Fully expain who should win and why. 5, Sherwood agreed to purchase a cow, Rose 2d of Aber!one, from walker at a price of 5 ½ cents per pound (about $80). The parties believed that the cow to be barren. Sherwood came to Walker's farm to collect the cow, but at that point it was obvious that Rose was pregnant. Walker refused to give over the cow, which was then worth $750 to $1000. Should Sherwood get the cow? Explain fully

Explanation / Answer

Since the word information letter is used, it is clear that no contract existed between southworth and the olivers. A contract is a piece of document in which two or more parties are legally obligated to carry out the terms mentioned in the document. The information letter sent by olivers didn't contain any offer of sale but was merely a more or less of a pamphlet containing information about the property they intended to sale. It is of no business to them that southworth perceived the document to be a sale contract . The information letter didn't state that they intended to sell the property to southworth and no other buyer.

Therefore, in this situation a contract doesn't exist and southworth can't force olivers to sell off their ranch land to him.

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