Sam Had Been a Friend of Joe's for a Considerable

question 139

Essay

Sam had been a friend of Joe's for a considerable period of time and had often accompanied him as he sailed his classic yacht.Sam had often communicated to Joe how much he would like to have it.On Friday night,a friend told Joe that Sam had suffered some business reverses and was going to have to get rid of the yacht.Joe immediately wrote Sam a letter offering to purchase the yacht for $25 000.Unknown to Joe,Sam had written Joe a similar letter offering to sell the yacht for $25 000.These two letters had passed in the mail.Joe received Sam's letter about 12 noon on Saturday,and Sam received Joe's letter about 2:30 p.m.on Saturday.Are these people bound in contract? Explain.

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Definitions:

Insourcing

Job creation through foreign direct investment.

Foreign Direct Investment

Investment made by a company or individual in one country in business interests in another country, in the form of either establishing business operations or acquiring business assets.

Market-Entry Strategies

Plans developed by businesses to enter new markets and establish a presence in them.

Global Sourcing

The purchase of materials or services from around the world for local use.