Legal issues concerning formation of the contract

Reference no: EM131738915

You have a garage sale to sell some of your stuff. You and a friend price the items Thursday after work. Friday you set up. Saturday morning at 7:00 am you start the sale. You drink one beer per hour to pass the time. Around 4:00 pm a young woman you don’t know (who is actually 19 years old) comes up to you to purchase an item. It is a collectible Elvis bottle of rum, still with the factory seal (unopened). It is priced $35.00. She,” Will you take $20? My Mom’s birthday is Monday and she loves Elvis!” You: “I don’t know. That is precious to me. I won’t take less than $30.” She, “OK.” She gives you the $30 and you give her the bottle.” The next weekend you are watching “Antique Roadshow” and someone brought an identical bottle. It was appraised at $1,000 because of its rarity. What are your remedies? Can you rescind the contract? Can you recover the bottle of rum? Discuss all the legal issues concerning the formation of the contract and its enforceability.

Reference no: EM131738915

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