On October 1,Allan Mailed an Offer to Bob to Sell

question 46

Multiple Choice

On October 1,Allan mailed an offer to Bob to sell to Bob 1000 boxes of tin plates at a fixed price.The offer was received by Bob on October 11,and Bob immediately accepted the offer by telegram on October 11 and confirmed by letter on October 15.On October 8,Allan mailed a revocation of his offer,which was received by Bob on October 20.In this situation

• A)Allan's revocation is really a counter-offer.
• B)Allan has no right to try to revoke his offer.
• C)Allan's revocation comes too late and there is a contract between Allan and Bob.
• D)Allan's revocation of his offer is proper and effective to prevent a contract between Allan and Bob.
• E)none of the above

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Definitions:

Consideration

The value (such as money, a service, or a promise) that is exchanged between parties in a contract.

Doctrine of Promissory Estoppel

A legal principle that prevents a promisor from retracting a promise that the promisee has relied upon, resulting in a significant change of position.

Disputed Debt

A disagreement between a creditor and a debtor over the existence, amount, or terms of repayment of a debt.

Mutual Assent

refers to the agreement between parties in a contract, shown by a valid offer and acceptance, which is required for a contract to be enforceable.