Joe Offered to Sell Harry His Car and Agreed to Hold

question 21

Essay

Joe offered to sell Harry his car and agreed to hold the offer open for one week,expiring Saturday at noon.The following Sunday,Harry phoned Joe to tell him that he decided to accept his offer and purchase his car.Joe said at that time that he had decided to keep the car and was just about to phone Harry to revoke the offer.Harry said,"Too bad," and demanded performance of the contract.Explain the legal responsibilities of the parties.

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Definitions:

Quiet Possession

The right of a tenant or property owner to use and enjoy their property without interference.

Acceleration Clause

A provision in a loan or mortgage agreement allowing the lender to demand payment of the entire loan balance under certain conditions.

Maintenance and Improvement

Activities focused on preserving a property's condition and implementing changes or enhancements to raise its value.

Entitled to Sell

Having the legal right or authorization to sell a particular property or item.