Difference between an option contract and a firm offer

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Reference no: EM131732057

Hypotheticals to be turned in on or before November 1, 2017 by 8:00 a.m. Provide a full discussion and answer to the following. Cite your authority. For questions 4 and 5 use the Internet to find your answer. Cite all authority you find to support your answer. You can cite case law, scholarship, various websites or any other reliable source you find online.

1. Suppose that Evertt McCleskey, a local businessperson, is a good friend of Al Miller, the owner of a local candy store. Every day on his lunch hour, McCleskey goes into Miller’s candy store and spends about five minute looking at the candy. After examining Miller’s candy and talking with Miller, McCleskey usually buys one or two candy bars. One afternoon, McCleskey goes into Miller’s candy shop, looks at the candy, and picks up a $1 candy bar. Seeing that Miller is very busy, he waves the candy bar at Miller without saying a ward and walks out. Is there a contract? If so, classify it within the categories we have discussed in class or contained in the book.

2. Fully discuss the ways an offer can be terminated.

3. What is the difference between an option contract and a firm offer?

4. Please discuss the following concepts. Longer answers do not mean better answers; however, be sure to demonstrate that you understand each of these concepts.

a. Enforceable Contract

b. Voidable Contract

c. Unenforceable Contract

d. Void Contract

5. Please fully discuss the concept of promissory estoppel, quasi-contract and unjust enrichment.

6. Explain the rule regarding intoxication and capacity to contract. Do you think this rule is fair? Why or why not?

7. Sean is holding a yard sale to get rid of many of the items in his shed. One of the items is an old lamp. Peter, an avid viewer of the TV program “Antique Roadshow,” notices the lamp and thinks it may be valuable. He asks Sean what the lamp is worth. “This old thing?” Sean replies. “It’s a piece of junk. I would be willing to let it go for $10.” Peter agrees, and gives him $10. One week later, Sean sees Peter on “Antique Roadshow” selling the lamp for $500. May Sean rescind the contract? Explain your answer.

Reference no: EM131732057

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