BA260 Grantham University Business Law module 7 - 2221

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BA260 Grantham University Business Law module 7

100% original work here.

Wimpy offers to sell Bluto a boat for $500. Bluto replies, “I think I want the boat, but let me have a week to consider.” Wimpy replies, “OK. I won’t sell the boat to anyone until after one week from today.” The next day, Wimpy sells the boat to Popeye for $600.  The day after, Wimpy tells Bluto he already sold the boat. Nevertheless, Bluto tenders $500.

a. Is Wimpy contractually liable to Bluto?

b. Would your answer change if Wimpy were a merchant and his promise not to sell for a week was in writing?

I received a 98% in this class.  Long in my rearview mirror!  Add your own personal touch to this coursework.  Don't copy and paste- you risk being expelled from school.  Be smart, please.  Please leave positive feedback WHEN you receive an excellent grade.

Solution Description

Wimpy offers to sell Bluto a boat for $500. Bluto replies, “I think I want the boat, but let me have a week to consider.” Wimpy replies, “OK. I won’t sell the boat to anyone until after one week from today.” The next day, Wimpy sells the boat to Popeye for $600.  The day after, Wimpy tells Bluto he already sold the boat. Nevertheless, Bluto tenders $500.

a. Is Wimpy contractually liable to Bluto?

b. Would your answer change if Wimpy were a merchant and his promise not to sell for a week was in writing?

 

          In short- my first inkling to this is that a verbal agreement as we have in this case is binding.  As I’ve understood sales agreements, the only time a contract is needed is when real estate is changing hands.  Before I jump to conclusions though, we’ll need to elaborate and examine the contractual laws.

           Each contract must have thr