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:

Custodian

An entity or individual responsible for safeguarding and managing assets or securities, ensuring their safekeeping and proper administration.

Disbursements

Money paid out by a business or organization; expenses or amounts spent.

Petty Cash Fund

A small amount of cash kept on hand for making immediate payments for small, incidental expenses.

Small Expenditures

Minor or trivial expenses often incurred in the day-to-day operation of a business.