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Business Law 1

Just a weekly Learning Activity. Thanks for your assistance. APA format please.

Sources can be from Business Law and the Legal Environment Chapter 8 ? 11.

Case A: Myra owns a house which she advertises FOR SALE for $400,000. On May 1, Nic offers Myra $380,000 for the house. Myra does not reply immediately, but on May 5, Myra delivers to Nic at his office a form that includes additional terms for the sale of the house, but does not state a price.

At 9:00 a.m on May 6, Nic signs the form from Myra and gives it to Odell, his administrative assistant, with instructions to mail it to Myra. Odell does not mail the signed form on May 6. At 10:00 am, May 6, Myra calls Nic to say the deal is off.

May 7, Odell mails the form signed by Nic to Myra. When Myra receives the signed form from Nic, she refuses to sell the house to him. Nic files a lawsuit against her for breach of contract.

1. Which contract law applies to this case: UCC or common law?

2. What is the court likely to rule on the breach of contract claim? And why?

Case B: Ed, a business person is a friend of Fran, the owner of a candy story. Every day, Ed spends a few minutes in Fran’s candy store, looking at the candy and usually buying one or two candy bars or other candy. One afternoon, Ed went in the store, looked at the candy, picked up a $1 candy bar, waved the candy bar at Fran without saying a word and left the store.

1. Is there an enforceable contract between Ed and Fran? Why or why not?

2. If there is a contract, what type of contract and how was it formed, specifically?

Learning Activity #2

Sometimes the best way to learn something is to teach/explain it to others and to provide examples; to that end, please complete the following for LA 2.

1. Write a BRIEF scenario example of a unilateral contract. Write in paragraph format.

2. Explain why/how your example above is a unilateral contract. Write your explanation as if you were explaining and teaching the concepts to the class.