1. Explain why the following communication is not a valid offer:
“I am interested in buying a German cuckoo clock from the 16th or 17th Century, made in the Black Forest area. I am willing to pay top dollar for collectible quality. Please let me know what you have available and the prices.”
2. Consideration requires a bargained for exchange between the parties. Write a short example of a bargained for exchange.
3. Explain why the offer in the following facts has EITHER been revoked or has been accepted (It is only one or the other):
Bonnie offered to sell her laptop computer to Dale. The offer contained all of the necessary terms. The offer stated that it would remain open for 14 days and that Dale should send an acceptance by regular mail. On the 5th day, Bonnie decided that she did not want to enter into the contract and sent a letter stating that the offer was terminated. Dale received and read the letter on the 8th day. However, Dale had sent an acceptance by regular mail on the 7th day.