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On February 1, Fari's Fedora Manufacturers sent an offer to Henri's Hattery by letter with all price, quality, quantity, and delivery terms clearly stated, indicating that the offer to sell Fari's Fedoras would remain open until October 1. On September 1, Henri's sent an acceptance of the offer to Fari's with no material alterations to any of the stated terms in the offer. The acceptance made the contract valid and enforceable.
On February 1, Fari's Fedora Manufacturers sent an offer to Henri's Hattery by letter with all price, quality, quantity, and delivery terms clearly stated, indicating that the offer to sell Fari's Fedoras would remain open until October 1. On September 1, Henri's sent an acceptance of the offer to Fari's with no material alterations to any of the stated terms in the offer. The acceptance made the contract valid and enforceable.
False (B)
Flashcards
Was the contract binding?
Was the contract binding?
The offer remains open longer than the standard three months, and the acceptance occurred in the seventh month, before the October 1 deadline.
What constitutes a well-defined offer?
What constitutes a well-defined offer?
A clear statement of terms on price, quality, quantity, and delivery.
What is an offer's open period?
What is an offer's open period?
The timeframe during which the offer is valid and can be accepted.
What is acceptance of an offer?
What is acceptance of an offer?
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Study Notes
- Fari's Fedora Manufacturers sent Henri's Hattery an offer on February 1 with price, quality, quantity, and delivery terms.
- The offer to sell Fari's Fedoras was set to remain open until October 1.
- Henri's accepted the offer on September 1 without any material alterations.
- The acceptance was said to have made the contract valid and enforceable.
- The statement is false because firm offers usually remain open for around three months before expiring.
- The firm offer indicated an 8-month open period and Henri's accepted it in the seventh month, but there is no binding contract.
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