Bart Owned 100 Shares of a Stock That Was Actively

question 2

Essay

Bart owned 100 shares of a stock that was actively traded on a national stock exchange. Bart wanted to sell the shares but felt that his profit would be seriously diminished by selling through a broker and paying the customary brokerage commission. Bart offered the 100 shares to any of a group of six people in a conversation at a party. The offered price was $72.50 per share, the price at which the shares had closed that day. No one really responded to the offer at that time. Ten days later when the shares were trading at $76.25, Marie, one of the offerees at the party, appeared at Bart's office saying that she accepted the offer. Bart claimed the offer no longer was available. Evaluate the legal outcome of this dispute.

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Definitions:

Owner's Equity Accounts

Accounts reflecting the owner's investment in the business plus any profits retained in the business, minus any withdrawals made.

Investment in Stock

The purchase of shares in a company to gain partial ownership and potentially earn dividends or capital gains.

Capital Stock

The amount of money or assets that owners have contributed to a corporation in exchange for shares of ownership.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that guide the preparation and presentation of financial statements globally.