Question

Melanie: "I'll buy that armoire for $775." Judith: "It's not for sale." Melanie: "How about $875?" Judith: "I don't know. It's been in my family for 130 years." Melanie: "How about $1000?" Judith: "I'll think about it." a. There is an option contract. b. There is a reliance case. c. There is a quasi contract. d. There is no contract.

Answer 1

Answer:

D) There is no contract.

Explanation:

The main requirements for a legal contract to exist is that:

• there is something of consideration being exchanged (in this case $ and the armoire).
• there is an offer and acceptance, and all parties involved must decide freely (in this case there is only an offer, but there is no acceptance).
• all the parties involved must be capable of engaging in a contract (e.g. no minors nor mentally disabled)
• the consideration must be legal, e.g. a contract for buying drugs is not a valid contract