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Use the IRAC Formula to cover the rule of law and apply it to the situation

Use the IRAC Formula to cover the rule of law and apply it to the situation

Ball writes Sullivan and inquires how much Sullivan is asking for a speĀ­cific forty-acre tract of land Sullivan owns. In a letter received by Ball, Sullivan states, "I will not take less than $60,000 for the forty-acre tract as specified." Ball immediately sends Sullivan a telegram stating, "I accept your offer for $60,000 for the forty-acre tract as specified." Can Ball hold Sullivan to a contract for sale of the land?

Limit answers to approximately two paragraphs. Use the IRAC formula to address the situation. Cover the rule of law and briefly apply it to the situation.

Solution Preview

Issue: Was a contract formed between Ball & Sullivan

Rule:

A Contract required a meeting of the minds on:
1) An Offer supported by
2) Consideration and
3) An Acceptance of the offer

An offer for the sale of land must be for a specificly ...

$2.19