Peter was in the market for a new boat to use at his lake house. He attends the local boat show with his neighbor Sean. He sees a Formula 270 Bowrider boat that would be perfect for cruising around the lake and would fit on his dock. The salesperson quotes Peter $38,500 for the boat, but is willing to go down to $35,750 if he closes the deal today. Peter needs to think about it and tells the salesperson he will be back in an hour. Peter and Sean walk away and look at other boats. Sean asks Peter if he would get the boat since it was at a good price. Peter responds that he is not sure ... "it's a big purchase and he is not ready to commit yet." Sean decides that if Peter is not willing to buy it, he would. An hour later Sean comes back to the salesperson and tells the salesperson that he will buy the boat at the same price he offered it to Peter ($35,750). Has a contract been formed between the salesperson and Sean for the Formula 270 Bowrider? Explain your answer.

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Business

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20 July, 02:28

Peter was in the market for a new boat to use at his lake house. He attends the local boat show with his neighbor Sean. He sees a Formula 270 Bowrider boat that would be perfect for cruising around the lake and would fit on his dock. The salesperson quotes Peter $38,500 for the boat, but is willing to go down to $35,750 if he closes the deal today. Peter needs to think about it and tells the salesperson he will be back in an hour. Peter and Sean walk away and look at other boats. Sean asks Peter if he would get the boat since it was at a good price. Peter responds that he is not sure ... "it's a big purchase and he is not ready to commit yet." Sean decides that if Peter is not willing to buy it, he would. An hour later Sean comes back to the salesperson and tells the salesperson that he will buy the boat at the same price he offered it to Peter ($35,750). Has a contract been formed between the salesperson and Sean for the Formula 270 Bowrider? Explain your answer.

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Farrell · Answer 1

As the salesperson person gave the offer to Peter which he was not sure about, Peter said that he will come back in an hour but Peter didn't came instead his neighbour Sean came and asked salesperson to buy that boat on the price he told to person to according to the rule of offer this offer was made to Peter not Sean. If Peter would have accepted it then salesperson and Peter would be in contract but in this case now the offeror is Sean and Offeree if salesperson so it is up to him to accept the offer. Until the salesperson does not accept the offer then contract has not been form. If the salesperson accepts the offer of 35,750 then the contract will be formed.