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.

Question

Lucia Ponce

Business

8 July, 01:15

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.

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Answers (1)

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Colton Richards · Answer 1

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