Was there a contract between pinder and young explain fully

Assignment Help Business Law and Ethics

Reference no: EM133208952

Question - Respond fully using all relevant legal concepts and theories making any necessary assumptions in the alternative.

Pinder made an offer to Young as follows: "I offer to sell you 50 shares of stock in MAM Industries (a family corporation not publicly traded). The stock was sold by others recently at $319. If you will buy 10 shares at that price, I will give you 20 days to decide whether you want to buy the balance at the same price." Young agreed, and paid Pinder for 10 shares. Three days later the price of MAM was sold to others for $350. Young decided to buy the other 40 shares, but when he called Pinder's office, he learned that Pinder had been killed in an automobile accident just a few moments before he called. Two weeks later, Young notified Pinder's executor of his acceptance.

The executor claims that the offer to sell the remaining 40 shares was revoked by Pinder's death.

Is he correct?

Was there a contract between Pinder and Young? Explain fully.

Reference no: EM133208952

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