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An insurance company advertised an invitation to the public to subscribe for shares. Grant applied...

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Accounting

An insurance company advertised an invitation to the public to subscribe for shares. Grant applied for 100 shares through the mail. the shares were duly allotted to him , and a letter of allotment was posted . however , the letter got lost in the mail and was never received by grant. nothing further was heard from the company for several years until a demand for payment of $400,a call on the shares . Grant claimed that he was never a shareholder and refused to pay. advise grant

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