Bart owned 100 shares of a stock that was actively traded on a national stock exchange. Bart wanted to sell the shares but felt that his profit would be seriously diminished by selling through a broker and paying the customary brokerage commission. Bart
offered the 100 shares to any of a group of six people in a conversation at a party. The offered price was $72.50 per share, the price at which the shares had closed that day. No one really responded to the offer at that time. Ten days later when the shares were trading at $76.25, Marie, one of the offerees at the party, appeared at Bart's office saying that she accepted the offer. Bart claimed the offer no longer was available. Evaluate the legal outcome of this dispute.
?When an offer is made and the offeror does not indicate how long it is to remain open, the offer expires within a reasonable period of time. In the case of an actively-traded stock, a reasonable amount of time would be relatively short. Further, Bart's offer was not a firm offer, nor did Bart extend a right of first refusal to the six (6 ) people at the party, so Bart had the right to sell the stock to another investor before Marie came forward to accept his offer.
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