QUESTION 9 Emily owns 100 shares of Poetry Coffeehouses Industries, which are cu

Question

QUESTION 9 Emily owns 100 shares of Poetry Coffeehouses Industries, which are currently worth about S7 each. She offers to sell them to Wal for $7, telling him he has 10 days to consider her offer. Walt immediately rejects her offer. Six days later, shares of Poetry Coffeehouses Industries soar to $500 each. Walt immediately contacts Emily, accepting her offer and tenders a check for $700. Emily does not reply to Walt and does not cash the check. Can Walt successfully sue Emily for breach of contract? ONo. When Walt rejected Emily's offer, the offer was terminated. O Yes. Since the 10 day window was still open, Walt has the opportunity to reconsider the offer and accept it. ONo. Now that the shares are worth S500, Walt would now have to pay Emily $50,000 (100 shares at $500 each), not just $700 O Yes. Since the 10 day window was still open, Emily was obligated to give Walt notice whether she was accepting his reconsideration, and she breached her duty when she did not do that QUE STION 10 Justin, who is 17, enters into a five year contract for a Galaxy S17 and unlimited data plan. Three months later, the Apple iPhone XV comes on the market and Justin decides he needs that phone, so he calls up his current provider and tells them he no longer wishes to be bound by the contract. Can he get away with that? Minors can avoid contracts, but only if they entered the contract for a sincere purpose. Here it is apparent that Justin is attempting to take advantage of the situation, so, no, Justin would not be allowed to do that. Justin could avoid the contract, but only if his parents agree to take over the contract. do that night now, but he can when he turns 18. A contract entered into by a minor is voidable at the option of that minor, so, yes, Justin can do that O A contract entered into by a minor is voidable at the option of that minor, but only after the minor has reached the age of majority (18 years of age in Texas), so Justin's not going to be able to

Explanation / Answer

9. A. When Walt rejected Emily's offer, the offer was terminated.

Any offer once rejected is terminated as Walt did.

10. D. A contract entered into by a minor is voidable at the option of that minor, so yes Justin can do that.

Other than for exceptions which are contracts related to food, water and shelter, minors can void the contract.

11. A. Damages  

Since the breach of the contract was due to seller not delivering the product, damages is the remedy possible in this case. Damages for non-delivery the remedy for this situation.

12. A. Henry is not under duty to come forward and disclose facts but because he did come forward he has a duty to be truthful in those facts. Therefore he is guilty of fraud and contract will be voided.

Since the seller believed the untrue statement that the ring was owned by the Herman Melville and it is not a material fact but it is a lie or a untrue statement, it is fraud.

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