Smith Inc.sends a letter dated August 1 to Cervaille Stores,offering to sell 20 table lamps to Cervaille Stores at $80 each.Cervaille Stores provides a consideration of $160 to Smith Inc.to keep the offer open for at least two weeks.In the second week of August,Smith Inc.receives an offer from Shine Retailers Inc.to purchase the table lamps at a price of $85 each.Can Smith withdraw its offer made to Cervaille Stores?
A) Smith cannot withdraw its offer as the agreement is in the form of an option.
B) Smith cannot withdraw its offer since the doctrine of promissory estoppel is applicable.
C) Smith can withdraw its offer as the offer was simply an invitation to negotiate.
D) Smith cannot withdraw its offer as this is a firm offer.
E) Smith can withdraw its offer as the consideration makes it enforceable as a property transfer.
Correct Answer:
Verified
Q58: According to the mirror image rule,_.
A) the
Q59: Laborers working on a building are promised
Q60: The ultimate purpose of a contract is
Q61: Which of the following terms refers to
Q62: In which of the following cases does
Q64: Which of the following statements is true
Q65: Valid consideration can include any promise to
Q66: Dustin,who is 17 years old,purchased a car
Q67: Tristam,an insurance agent,wants Philomena to purchase the
Q68: The legal mechanism for evaluating the existence
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents