Wk 4 Discussion Questions
- Submitted by: atillman06
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- Category: Other
- Date Submitted: 08/29/2013 02:26 PM
- Pages: 3
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Met
An offer was met when both Mike and Bob agreed on a selling price of $25,000.00 for a pre-owned vehicle.
Met
An acceptance was met. Mike and Bon had an unequivocal acceptance. Both parties were aware of the selling price $25,000.00 ($22,000.00 to Bob; $3,000.00 to Al as a consignment fee). In addition, Mike stated, “I can’t believe you’re letting this go for so little.” Mike felt as if he was stealing it for the price of $25,000.00.
Not Met
A consideration was not met as neither party gave anything tangible nor or legal value. Actually, neither individual stated or confirmed the type of vehicle Bob is planning to sell for $25,000.00.
Not Met
A lawful object was not met as nothing was legally bonded the agreement to a contract.
No
At this point there is no contact. Nothing of legal value was exchanged. However, if there was a contract between Bob and Mike the law permits a rescission of some contract made in mistake. For example, when Mike received the phone call from Bob asking him to write two different checks, Mike began to feel as if he made a mistake or the agreement is wrong. As a result, Mike decided to back away from the offer of $25,000.00 and ask for a counteroffer of $20,000.00.
No
According to U.C.C Article 2 (Sales), Section 201, “A contract for the sale of goods for the price of $5,000 or more is not enforceable by way of action or defense unless there is some record sufficient to indicate that a contract for sale has been made between the parties and signed by the party against which enforcement is sought or by the part’s authorized agent or broker” (p. 16). Although the selling price is greater than $5,000.00 this article does not apply to this situation. Simply, neither party had a record of the agreement or contract.
A. Description of Procured Vehicle
1. Make: Toyota
2. Model: Corolla / S Series (1.8L 4-cyl 4AT)
3. Body Type Sedan
4. Body Color: Classic Silver Metallic
5. Year: 2012...
An offer was met when both Mike and Bob agreed on a selling price of $25,000.00 for a pre-owned vehicle.
Met
An acceptance was met. Mike and Bon had an unequivocal acceptance. Both parties were aware of the selling price $25,000.00 ($22,000.00 to Bob; $3,000.00 to Al as a consignment fee). In addition, Mike stated, “I can’t believe you’re letting this go for so little.” Mike felt as if he was stealing it for the price of $25,000.00.
Not Met
A consideration was not met as neither party gave anything tangible nor or legal value. Actually, neither individual stated or confirmed the type of vehicle Bob is planning to sell for $25,000.00.
Not Met
A lawful object was not met as nothing was legally bonded the agreement to a contract.
No
At this point there is no contact. Nothing of legal value was exchanged. However, if there was a contract between Bob and Mike the law permits a rescission of some contract made in mistake. For example, when Mike received the phone call from Bob asking him to write two different checks, Mike began to feel as if he made a mistake or the agreement is wrong. As a result, Mike decided to back away from the offer of $25,000.00 and ask for a counteroffer of $20,000.00.
No
According to U.C.C Article 2 (Sales), Section 201, “A contract for the sale of goods for the price of $5,000 or more is not enforceable by way of action or defense unless there is some record sufficient to indicate that a contract for sale has been made between the parties and signed by the party against which enforcement is sought or by the part’s authorized agent or broker” (p. 16). Although the selling price is greater than $5,000.00 this article does not apply to this situation. Simply, neither party had a record of the agreement or contract.
A. Description of Procured Vehicle
1. Make: Toyota
2. Model: Corolla / S Series (1.8L 4-cyl 4AT)
3. Body Type Sedan
4. Body Color: Classic Silver Metallic
5. Year: 2012...