On June 1,Edward Visited a Bicycle Sales and Service Center

question 53

Essay

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.

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Definitions:

Confidence Intervals

An array of values, based on statistics from a sample, which is assumed to enclose the value of an unidentified population feature.

Population Mean

The average value of a characteristic in a population, calculated by summing all the data points and dividing by the number of data points.

Sample Means

The average value of a set of data samples from a population.

Margin of Error

An expression of the amount of random sampling error in a survey's results, indicating how much the survey results might differ from the true population value.