Homework Help Forum: Business Law

Posted by May on Friday, March 28, 2008 at 11:11am.

On July 15, A, owner of a hardwares store, sends a letter to B offering to sell his store, business inventory and good will for total price of $150,000. B sends a letter to A on July 20, accepting the offer n agreeing to buy the business for $150,000. A receives B's letter of acceptance on July 22. B acceptance is A. effective when mailed on July 20 B. invalid as a counteroffer C. effective when received on July 22 D. none of above AFTER sending the letter, A received an offer of $175,000 FOR HIS BUSINESS. As a result, he sends a letter to B on July 19 revoking his offer. B receives the letter on July 21. The revocation a. Is effective when mailed on July 19 b. terminated the offer prior to B acceptance c. is effective when received on July 21, n doen't terminate the offer which been accepted d. none above After negotiations, A and B enter into a written contract for the sale of the hardware store. Included in the contract is a provision that A can't open a conpeting store within 5 miles of the old store for a period of one yr. Such a contract a. is illegal as a restraint in trade b. unreasonably limits competition c. is reasonable as to are and time and thus, valid d. none above

• Business Law - Writeacher, Friday, March 28, 2008 at 12:25pm

  Be sure to let us know WHAT YOU THINK whenever you post questions. Then people here will be able to help you better. Remember, we are here to HELP you with your homework, not do it for you. Thanks.

  
  

• Business Law - May, Friday, March 28, 2008 at 12:29pm

  Common law governed contract follow the mail box rule. As such, an acceptance of a non-output/requirement k is effective upon deposit into the mail. Therefore, any revocation after the point of mailing is a breach. Second, a revocation is effective upon receipt by offeree. Therefore, the July 19 revocation is not effective. So i THINK 1.a 2.d. 3.c

  
  

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