On January 1,A offers to sell his property to B for $175 000.00 and gives B an option to purchase the property until July 1.The option reads: "The said option shall be exercisable by notice in writing to the seller at any time within 6 months from the date of the option." B mails his acceptance to A on February 12,but the letter never reaches A.In this situation,
A)B's acceptance by mail is not in accordance with the option and there is no contract between A and B.
B)since the option states that it is exercisable by notice in writing to the seller,mailing the acceptance is deemed to be notice to the seller.
C)since the option states that it is exercisable by notice in writing to the seller,and since the acceptance never came to the seller,B's acceptance by mail is not acceptance at all.
D)B's acceptance of the option by mail is a proper acceptance,creating a contract between A and B.
E)none of the above
John and Edward are negotiating the sale and purchase of one of John's very expensive paintings.In the course of the negotiations,John says,"I'll sell it to you for $20 000.00,to which Edward replies,"That is a little too much for me;I'll give you $14 500.00." John thinks about this for a moment and says,"No,but I'll take $17 500.00.Edward says,"That is still too much;I'll buy it for $15 500.00.John looks at the painting and replies,"You know it is worth more than that.Why don't you give me $16 500.00 and we'll call it a day." Edward responds with,"I only have $16 000.00 so that is all I will pay for it," to which John replies,"Done." In this case,
A)the contract is for $16 500.00.
B)the contract is for $17 500.00.
C)the contract is for $14 500.00.
D)there is no contract at all.
E)the contract is for $16 000.00.
Mary places a notice in a local variety store.The notice reads as follows: "I shall pay $1000 for the return of my dog,Mundo." Jim sees the notice.Jim finds the dog and returns it to her.Which of the following is true?
A)Mary can refuse to pay Jim because Jim did not communicate his acceptance of the offer to Mary,and an acceptance must be communicated to the offeree.
B)The notice is an invitation to treat and could not give rise to a contract.
C)Mary makes a counteroffer.
D)Mary is obliged to pay Jim because by finding the dog,he accepted the contract and no notification was needed.
E)When Jim finds the dog,he makes the offer and it is up to Mary to determine whether she wishes to accept the offer.Mary is thus entitled to reject the offer.
Margaret finds a stray cat and takes it in.The following day she is speaking to some friends and learns that Kelly,a woman who lives some distance away,has lost a cat.She goes around to the home of Kelly,leaves the cat in the yard and leaves a note for Kelly.The next day she gets a voice mail message from Kelly thanking her.A few days later Margaret sees a notice in which Kelly offers to pay $500 to anyone who returns her cat.Margaret,who needs some cash,returns to Kelly's home and demands the $500 reward.Which of the following is true?
A)Kelly's notice is an invitation to treat.
B)Because Margaret did not demand the $500 when she returned the cat,she cannot go back and request it.The offer has lapsed.
C)By returning the cat,Margaret performed the contract and so has to be paid.Margaret's performance gives rise to a unilateral contract.
D)Kelly and Margaret have a bilateral contract.
E)Margaret did not know of the offer before she returned the cat.So she could not have been accepting the offer when she returned the cat.No contract arose.There is thus no obligation on Kelly to pay the $500.