Joe Offered to Sell Harry His Car for a Specific

question 60

Essay

Joe offered to sell Harry his car for a specific price,and Harry indicated that he needed some time to think about it.Two days later,Joe sold the car to a third party.That afternoon Harry phoned up and told Joe that he decided to accept the offer and that he'd buy the car.Joe told him that it was too late; he had sold it to someone else.Harry said that it was offered to him first,and he insisted that he go through with the contract.Explain the legal liability of the parties.

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Definitions:

Shipment Contract

A type of sale contract in which the seller is obligated to send the goods to the buyer, but the risk of loss passes to the buyer when the goods are delivered to the carrier.

Nonconforming

Refers to goods, services, or actions that fail to meet previously agreed upon standards, specifications, or regulations.

CIF

Cost, Insurance, and Freight, a term used in international shipping where the seller is responsible for the cost, insurance, and freight of delivering goods.

Insure Goods

To insure goods means to secure a financial protection or coverage against possible damage, loss, or theft through an insurance policy.