Ask Question
BusinessBusiness
29 September, 09:22

Seller called Buyer on the telephone and offered to sell his used stereo. Buyer agreed to buy it without asking the price. The next day Buyer changed her mind and attempted to back out of the agreement. Do the parties have a contract? Explain.

+1
Answers (2)
  1. 29 September, 09:34
    0
    Answer: no contract as agreed price was not discussed
  2. 29 September, 09:45
    0
    No, the buyer and seller did not have a contract because the basic requirements for a contract was not fulfilled.

    Explanation:

    For a contract to be valid, it must have four key elements: agreement, capacity, consideration, and intention.

    In this case, the seller called the buyer and offered to sell his used studio, buyer agreed to buy it but did not ask for the price.

    Agreement does not entail the price is already invalid.

    That gave the buyer liberty to change his mind and attempt to back out of the previous agreement.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Seller called Buyer on the telephone and offered to sell his used stereo. Buyer agreed to buy it without asking the price. The next day ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
When the Central Bank acts in a way that causes the money supply to increase while aggregate demand remains unchanged, it is A) following an expansionary monetary policy. B) following a contractionary monetary policy.
Answers (1)
During March, Pendergraph Corporation incurred $75,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $77,000.
Answers (1)
Kari would like to save $10,000 for a down payment on a house. Illustrate the difference in years it will take her to double her current $5,000 savings based on a 6%, 12% and 18% interest rate.
Answers (1)
Al's Aluminum Company sells $1 million worth of aluminum to Shiny Foil Company, which uses the aluminum to make aluminum foil. Shiny Foil Company sells $4 million worth of aluminum foil to households.
Answers (1)
Bramble Corp. applies overhead on the basis of 200% of direct labor cost. Job No. 501 is charged with $240000 of direct materials costs and $300000 of manufacturing overhead. The total manufacturing costs for Job No. 501 is
Answers (1)
New Questions in Business
Vandana shiva agrees that the green revolution has increased agricultural output and household incomes, but she is concerned about the:
Answers (1)
Fruitasia purchased land, a building, and equipment for $800,000. the estimated fair values of the land, building, and equipment are $100,000, $700,000, and $200,000, respectively. at what amount would the company record the land?
Answers (1)
Why do governments regulate natural monopolies?
Answers (2)
Gary earned a gross pay of $1,047.30 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social Security tax deducted from Gary's gross pay. a. $6.49 b. $8.38 c. $64.93 d. $83.78
Answers (1)
According to the rule of one-eighth, at least 88 percent of organizations will do everything necessary to put people first and thereby build profits.
Answers (1)
Home » Business » Seller called Buyer on the telephone and offered to sell his used stereo. Buyer agreed to buy it without asking the price. The next day Buyer changed her mind and attempted to back out of the agreement. Do the parties have a contract? Explain.
Sign Up Forgot Password?