Timmy Thompson, who finished his second year at a local community college last M

Question

Timmy Thompson, who finished his second year at a local community college last May, sees an advertisement to rent an apartment at Ocean Apartments for $1,500 a month. Timmy walks into the lobby of Ocean Apartments to rent an apartment, but he is told by Lily Lightfoot, the President of Ocean Apartments, Inc., that there was a mistake on the ad and rent is actually $2,000 a month. Timmy says he doesn%u2019t like getting swindled and shouldn%u2019t get the apartment as he signs the 1 year lease. Lily then signs the lease on behalf of Oceans Apartments, Inc., the entity that owns the apartments.

1. Based on the facts above, have the parties entered into a binding contract? Please explain your answer, making sure that you discuss each element of a contract and identifying how each was or was not met.

Explanation / Answer

Yes. There is a Bnding contract between Ocean Apts & Timmy.

InitallY Ocean advtersed the Aparment for $1500 & Timmy went to sign the lease. However Ocean withdrew the offer. SO No contract was signed.

Then Timmy made a counteroffr to Ocean offer of $2000 which was accepted by Lily on behalf of Ocean Apts. As Lily represents Ocean, he is leggaly eligibe to nego & sign teh contract with Timmy.

Thus a Valid legal contract between Timmy & Ocean for $1500 is signed.

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