Competitor opened up down the street

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Reference no: EM131146227

John owns a UWM Brew Pub. Business has been slow because a competitor opened up down the street and they have better food and drink specials. Instead of trying to compete, John wants out of the bar business. He is at a party with a number of friends and says “I hate the bar business, I might sell if I could get anything over $250,000 for my bar or something decent.” Ryan hears it and says “I accept.” The next morning Ryan calls John to ask when he can drop off his check for $250,000 and pick up the keys to the UWM Brew Pub. John tells Ryan he’s not selling so Ryan sues. Who wins and why? What defenses does John have and what arguments would Ryan need to make to prevail?

Reference no: EM131146227

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