The following excerpts from letter negotiations on land occurred between Magnus Matthews and Elaine Brown. January 4, 2013 Dear Magnus, I am interested in buying that lot you showed me last Saturday. You talked about $40,000 as a price. That sounds good
to me. Let's meet Wednesday at Frisco Kid's to iron out details. Elaine January 4, 2013 (via fax) Elaine, $40,000 is the price. Cash only. I'll see you Wednesday at 5:30. Magnus On January 5, 2013, a developer came to Magnus with $40,000 cash and asked to buy the lot. Magnus signed a contract and accepted a $4,000 earnest money deposit. On January 6, 2013, Magnus met Elaine at Frisco Kid's and said when he first spotted her, "Sorry, kid. I sold the lot yesterday. Cash straight up. Let's talk about any of my other lots." Did Magnus and Elaine have a contract?
?Magnus made an offer which Elaine could accept, but the two did not have a contract. Magnus could sell the lot. Elaine's letter did not have sufficient detail or present intent to contract.
You might also like to view...
Fostering positive reactions in the community is a major goal of community relations
Indicate whether the statement is true or false
The access to and delivery of information on an as-needed basis for a subscription fee is referred to as?
a. Cloud computing b. Local computing c. Foreign computing d. Underground computing
Regardless of the exact form of rebalancing, stock options will continue to be the focal point of executive compensation.
Answer the following statement true (T) or false (F)
While preparing its bank reconciliation, Maynard Company determined that its bank had collected a $650 account receivable for the company and deducted a $25 collection fee. Which of the following shows the effect of this transaction on the financial statements? Assets=Liab.+Stk.EquityRev.?Exp.=Net Inc.Stmt of CashFlowsA.(25) NA (25)NA 25 (25)625 OAB.625 NA 625650 25 625650 OAC.(25) NA (25)NA 25 (25)650 OAD.(625) NA 625650 25 625625 OA
A. Option A B. Option B C. Option C D. Option D