Tuesday, October 22, 2019
Essay on Options and Firm Offers
Essay on Options and Firm Offers Essay on Options and Firm Offers Essay on Options and Firm Offers           The option C is the enforceable contract that Sally and Louie may have upon signing the paper. This contract is enforceable since it contains the promise of Sally to reserve her Monday mow for Louie until 5 p.m. and Louie promises to handle her $5Issue           The issue is the establishment of the contract between Sally and Louie, where Sally promises to reserve her Monday mow for Louie until 5 pm, when Louie is supposed to take the final decision and enforce the contract by handling Sally $5 and agreeing to the contract’s conditions.Rule           The rule is the restatement, para. 87 option contract, according to which an offer is binding as option contract if it is written and signed by the offeror and is made irrevocable by the statute.Rule explanation           The rule means that the parties h ave signed the contract and the binding of the contract makes it irrevocable that means that if either party refuses from the contract by violating its provisions becomes responsible for the breach of contract.Application           In case of Sally and Louie the application of the rule means that Louie should either agree and accept Sally offer by 5 pm and handle her $5 or, alternatively, he should refuse from the contract and did not accept the offer made by Sally. Sally in her turn should wait until 5 pm and set herself free to choose any other client to contract her Monday mow. She may act in the same way, if Louie refuses to pay her $5, if he accepts her offer.Conclusion           Thus, Sally and Louie have a binding contract, which is enforceable by 5 pm upon options determined in the written form of the contract.
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