John Freeden Is Negotiating with Bill Murray to Buy Bill's

question 144

Multiple Choice

John Freeden is negotiating with Bill Murray to buy Bill's mountain bicycle.The following conversation has taken place:
John: "I will buy your mountain bike for $325.00."
Bill: "I couldn't sell it for less than $375.00."
John: "I'll take it for $375.00."
Which of the following statements is true?

• A)Bill and John have a contract for the sale of the bike at $375.00.
• B)Bill and John have a contract for the sale of the bike at $325.00.
• C)Bill and John do not have a contract.
• D)none of the above

---

Definitions:

Validly Accept

The proper agreement to an offer according to predefined rules, which results in a binding contract.

Legal Acceptance

The formal acknowledgment by the party to whom an offer has been made, agreeing to the terms of the offer, resulting in a binding contract.

True Value

An accurate assessment of an item's worth, based on its current condition and market demand.

Non-Obvious

In the context of patents, it refers to an invention that is not evident to someone with ordinary skill in the particular field of the invention.