Business Law

1. This question deals with offer and acceptance. Joseph has no ground to hold Chelsea to $125 because she did not make a counteroffer. Chelsea asked if there was a second tire, and since there was not, Joseph cannot require her to pay $125. She did not require that an extra tire be with the bicycle, so he cannot make her pay.

2. This question deals with silence as acceptance. Junji is not required to pay for the desk because he did not agree that silence would signal acceptance. Junji can, however, hold Tajo to his offer because Tajo set up the silence agreement himself. The desk is an example of the fact that as a general rule, silence is not acceptance.

3. This question deals with written acceptance of a contract. Alpha Oil has a written selling price of $35 so that is all that Zeno has to pay. If this contract had been a current market price contract, which states the prices are determined by reference to the market price on a specified date, then Zeno would be required to pay the $40. However, since the $35 was in writing and it did not specify a certain amount of time to respond, Zeno only has to pay $35 per barrel of oil.

4. This question deals with offer, acceptance, and written contracts. First, Melinda should have the land owner write her a specific contract stating that she has the full two months to make the payment. Then she should put forth the efforts in order to receive the full loan of $500,000. It would be wise for Melinda to give the land owner his $50,000 as soon as possible, to risk the loss of the land.

5. This question deals with counteroffers and the mirror image rule. Girard and Steamer have entered a counteroffer; however, Girard is still able to reject the contract if it does not agree to give Steamer’s wife an administrative position. The mirror image rule states that acceptance must �mirror’ the terms in the offer. And if the acceptance changes the

...