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The Open Offer Business Law
  • From Business, General Business
  • Due on 20 Nov, 2016 12:00:00
  • Asked On 17 Nov, 2016 11:33:50
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Jimmy, an art dealer and merchant, is running out of funds. Luckily, he owns a priceless Van Gogh painting. He writes his friend Tommy. The letter says “Tommy you remember that Van Gogh painting you were interested in buying? I will offer it to you for $500,000. I will give you one month to accept this offer.” Jimmy signs the letter. Tommy receives the letter, and he is very excited. He writes back two weeks later saying that he accepts, and Tommy encloses a check for $500,000. Unfortunately, Jimmy received a better offer for the painting, and Jimmy accepts that one.

  • Is there a breach of contract?
  • If so, what remedies may Tommy get?
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remedy of breach of contract
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  • Submitted On 18 Nov, 2016 04:29:45
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Miller and Hollowell states, in general contract law the moment a definite offer is met by an unqualified acceptance, a binding contract is formed. The common law rule is that an offeror can specify a particular means of acceptance, making that means the only one effective for contract formation. Nevertheless, unauthorized means are effective as long as the acceptance is received by the specified deadline (acceptance). A sale is officially defined as “the passing of title from the seller to the buyer for a price, “where the title refers to formal rights of ownership of property. The price may be payable in cash or in other goods or services. I am outlining these terms to show what rules apply in this assignment. The example states, Jimmy, an art de...
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Jimmy, an art dealer and merchant, is running out of funds
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  • Submitted On 18 Nov, 2016 08:24:36
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First let’s define what a Breach of Contract is: n. failing to perfo...
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