Explaining the contracts-irrevocable offers

Reference no: EM1326521

1) On November 23, Acorn, a dress manufacturer, mailed to Bowman a written and signed offer to sell one thousand sundresses at $50 per dress. The offer stated that it would "remain open for ten days" and that it could "not be withdrawn prior to that date."

Two days later, Acorn, noting a sudden increase in the price of sundresses, changed his mind. Acorn therefore sent Bowman a letter revoking the offer. The letter was sent on November 25 and received by Bowman on November 28.Bowman chose to disregard the letter of November 25; instead, she happily continued to watch the price of sundresses rise. On December 1, Bowman sent a letter accepting the original offer. The letter, however, was not received by Acorn until December 9, due to a delay in the mails. Bowman has demanded delivery of the goods according to the terms of the offer of November 23, but Acorn has refused.

Does a contract exist between Acorn and Bowman? Explain.

2) Henry and Wilma, an elderly immigrant couple, agreed to purchase from Brown a refrigerator with fair market value of $450 for twenty-five monthly installments of $60 per month. Henry and Wilma now wish to void the contract, asserting that they did not realize the exorbitant price they were paying. Result?

Reference no: EM1326521

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