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Business Law: Principles for Today's Commercial Environment 3rd Edition by Marianne Moody Jennings, David Twomey, Marianne Jennings
Edition 3ISBN: 9780324786699Business Law: Principles for Today's Commercial Environment 3rd Edition by Marianne Moody Jennings, David Twomey, Marianne Jennings
Edition 3ISBN: 9780324786699 Exercise 13
On September 27, Summers sent Fox a letter offering to sell Fox a vacation home for $150,000. On October 2, Fox replied by mail agreeing to buy the home for $145,000. Summers did not reply to Fox. Do Fox and Summers have a binding contract
a. No, because Fox failed to sign and return Summers's letter
b. No, because Fox's letter was a counteroffer
c. Yes, because Summers's offer was validly accepted
d. Yes, because Summers's silence is an implied acceptance of Fox's letter (Law, #2, 0462)
a. No, because Fox failed to sign and return Summers's letter
b. No, because Fox's letter was a counteroffer
c. Yes, because Summers's offer was validly accepted
d. Yes, because Summers's silence is an implied acceptance of Fox's letter (Law, #2, 0462)
Explanation
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b) True. A counteroffer voids the prior ...
Business Law: Principles for Today's Commercial Environment 3rd Edition by Marianne Moody Jennings, David Twomey, Marianne Jennings
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