Multimedia University Business Law Valid Contracts Questions Discussion

For each of the following five questions, explain your answers in as
much detail as possible. For each answer, state the law (including all
of the relevant elements of the law), state the relevant facts, apply
the law to the facts, and give your opinion as to what the outcome
should be. Each answer is 20 points (100 points total).

1)
Acme Equipment offers to sell a dough-cutting machine to Big Bagels Inc.
The offer states: “This offer expires Friday noon.” Acme is based in
Boca Raton, Florida. Big Bagels is based in Los Angeles, California. On
Friday, at 10:00 am Eastern time (Florida time), the sales manager for
Acme calls the president of Biscuits and says, “Well, I guess you don’t
want it. Contract is terminated.” What are the elements of a valid
offer? Was this a valid offer, and why? Should this contract be
terminated, and why?

2) Yellow Heating Inc. offers to ship
furnaces to Zippy Inc. for $4,500 cash. Zippy’s CEO e-mails back,
“Great, I accept, as long as we can make that payable in three weeks,
not tomorrow.” What are the elements of a valid acceptance? Was this a
valid acceptance and why?

3) On Monday morning, Andy and Brian
enter an oral, unwritten contract for the sale of five acres of land in
Delray Beach, Florida, at “$10,000 per acre.” On Tuesday morning, Andy
demands that Brian pay him “$11,000 per acre” for the land. Brian
refuses. Andy sues. Who should win, and why? In your answer, explain
written/oral and implied/express contracts.

4) Abby is a
brilliant 16-year-old high school student who has invented “The
Spritzer,” a device to keep vegetables fresh in the refrigerator. Abby
goes to TGIThursdays restaurant, where she meets up with Brianna, the
23-year-old sister of Abby’s best friend. They sit down for a bite to
eat. Brianna has four vodka-and-tonics, Abby has a Coca-Cola. Brianna
and Abby write a contract on a sheet of paper, and sign it, stating that
Brianna promises to pay Abby $100,000 for all rights in The Spritzer.
Is this a valid contract? What are the reasons why this might not be a
valid contract?

You shall be graded on your complete
and proper explanations, research and language usage, all as noted
below. The report must be no more than 1,000 words and is to be
submitted in typed, double-spaced form. A report that does not follow
this form will be deducted per the grading rubric. This project is 15%
of your overall grade