Asked by Ana Bel Montes on Jun 20, 2024
Verified
On June 1, Edward visited a bicycle sales and service center. Edward spotted a used bike he liked and was told by the dealer that he could have the bike for $100 cash. Since Edward needed a few days to get the money, Edward got a signed, written statement by the dealer that Edward could buy the bike for $100 at anytime on or before June 15. On June 10 Edward came to the dealer with the money, but the bike had been sold to another customer. Was the dealer under any obligation to Edward to keep this offer open until June 15? Give legal reasoning for your answer.
Legal Reasoning
The process of applying laws to specific facts in order to reach a logical, legal conclusion or decision by interpreting statutes, judicial decisions, and constitutional provisions.
Bicycle Sales
The commercial activity of selling bikes and related accessories.
Signed Statement
A document containing assertions or facts that is confirmed by the signature of the author, affirming the truthfulness of its contents.
- Analyze real or hypothetical scenarios to determine the obligations of the parties involved in an offer.
- Analyze and articulate legal reasoning in contract law contexts.
Verified Answer
GD
Garrett DunlapJun 22, 2024
Final Answer :
Yes. The dealer made a firm offer. A firm offer is a merchant's irrevocable offer to sell or buy goods. It is in a signed writing that gives assurance that the offer will not be rescinded for the stated time, up to three months. It is enforceable even though Edward gave no consideration for the dealer's promise.
Learning Objectives
- Analyze real or hypothetical scenarios to determine the obligations of the parties involved in an offer.
- Analyze and articulate legal reasoning in contract law contexts.