Contract or No Contract? Applying the theory of contract law,...
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Accounting
Contract or No Contract?
Applying the theory of contract law, discuss if these 4 situations have formed an enforceable contract.
3. Susan: I will sell you my laptop for $500.Jenny: No, I dont want it for $500.Jenny: But Ill give you $400 for it.Susan: No way, it's like brand new!Jenny: Ok, Ill take it for $500.
Do Susan and Jenny have a contract or not? Why?
4. Lynn's cat is missing in her neighborhood. She posts a sign with a picture that states: "$50 reward for finding Lucy". Lynn asks her friend James to walk around with her and look for Lucy. He agrees. After about 40 minutes, a stranger approaches Lynn and James with Lucy the cat and asks them if they know who she belongs to. Who does Lynn owe the reward money to and why?
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