Harry Saw Joe in His Classic Buick at a Local

question 125

Essay

Harry saw Joe in his classic Buick at a local drive-in restaurant and talked about wanting to buy the car. Joe offered to sell it to him for $1500. Harry said he needed some time to think about it and that he would send him a letter. The next day, Joe changed his mind and mailed Harry a letter of revocation. The day after that, before Harry had received the letter of revocation, he sent a letter of acceptance to Joe. The next day the two letters arrived at their various destinations, Joe receiving Harry's letter of acceptance just after Harry received Joe's letter of revocation. Explain the legal liabilities of the parties.

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Definitions:

Marginal Product

The extra yield generated from the utilization of one additional unit of a certain input while maintaining the levels of all other inputs unchanged.

Labor Hours

The total number of hours worked by all employees of a company.

Acceptance

In contract law, the offeree's indication to the offeror that the offeree agrees to be bound by the terms of the offeror’s offer or proposal to form a contract.

Offer

A promise or commitment to do or refrain from doing some specified thing in the future.