Reference no: EM133388847

Questions

1. Saxon, a retiree, was walking on his undeveloped land when he found an unusual looking rock. He took the rock to a store that sold jewelry and asked for an assessment. Jackson, a clerk and an aspiring jeweler, examined the rock and honestly indicated that he did not know what the rock was. He speculated that it could be a rough sapphire, and offered to pay $200 for it. Saxon agreed, completed the deal, and was paid.

The rock turned out to be a diamond with an approximate value of $15,000. Saxon is suing Jackson and the jewelry shop for the return of the diamond. What will be the result? Please explain

2. On January 2, Universal Car, a producers of catalytic converters, sent to Customs Kars, a letter offering to sell 100 converters for $600 each. Universal Cars gave Customs Kar until February 20th to accept the offer. A week later, the price of catalytic converters started to increase, due to supply chain problems. A few days later, the converters were selling for $900 each. On January 16, Customs Kars received a letter from Universal Cars revoking the offer. On February 18th, Customs Kar mailed a letter of acceptance to the January 2 offer. The letter of acceptance was delayed and received by Universal Car on February 28. Is there a contract? Please explain.

3. Benson Industries contracted with the Wrigley family, the owner and operator of the Chicago Cubs to rent space on the scoreboard on top of the out field wall. The contract provided that Benson would have the right to request a sign to be place on the scoreboard and that Benson would have the right to request new signs that Wrigley would have to place on the scoreboard within 48 hours. The first sign Benson requested offered a reward of $5,000 to any ballplayer who hit a home run over the sign.

In one game, Henderson, one of the best hitter in the league, hit one home run over the sign. Benson refuses to pay. What would be the outcome? Please explain.