Business Law Exercises
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Discuss the status of the contract in the following scenarios.
Dave offers to sell his house to Brett for $200,000. Brett states that the price is too high and offers to purchase the house for $185,000. Cisco offers to sell his AKC-registered German Shepherd to Billy for $500. Before Billy can pick up the dog, it dies.
Question #2
Jack agrees to purchase $100,000 in marijuana from Cal. Jack gives Cal $1,000 as a down payment. When Cal arrives with the marijuana, Jack changes his mind. Provide relevant laws, cases, and examples to support your posting.
Question #3
Rupert, a 17-year old, received $200 for his birthday. He would like to purchase a computer and finds one advertised at a price he can afford. He enters into a contract with the storeowner to buy the computer. Six months later, Rupert wants to rescind his acceptance. Can he do so without being in breach of contract? Explain why or why not, providing examples, laws, or other relevant information to support your answer.
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Solution Summary
This solution discusses the status of the contracts in each of the scenarios presented. All elements are discussed and references are provided for expansion.
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Dave offers to sell his house to Brett for $200,000. Brett states that the price is too high and offers to purchase the house for $185,000.
-- This is a valid contract, assuming that Dave accepts the lower price. In this case, the lower price will be recorded on the contract for the sale of the house. Home buyers make counter offers all of the time to try and bring the price down on the home that they want. As long as the two parties agree to the price, it can be ...
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