Schmidt, the owner of a small business, has a large piece of used farm equipment for sale. He offers to sell the equipment to Barry for $10,000. Discuss the legal effects of the following events on the offer.

a) Schmidt dies prior to Barry's acceptance and the time he accepts, Barry is unaware of Schmidt's death.

b) The night before accepts, fires destroys the equipment

c) Barry states to Schmidt that he will pay him $8000 in stead for the equipment.

Question

Business

Mo

1 May, 20:27

Schmidt, the owner of a small business, has a large piece of used farm equipment for sale. He offers to sell the equipment to Barry for $10,000. Discuss the legal effects of the following events on the offer.

a) Schmidt dies prior to Barry's acceptance and the time he accepts, Barry is unaware of Schmidt's death.

b) The night before accepts, fires destroys the equipment

c) Barry states to Schmidt that he will pay him $8000 in stead for the equipment.

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Answers (1)

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Rodrigo Green · Answer 1

This is a contract law

Explanation:

(a) If schmidt dies before Barry's acceptance and the time he accepts, Barry is unaware of schmidt's death, then the contract is voidable.

(b) if the night before acceptance, fires destroys the equipment, then the contract is invalid, as there is no consideration

(c) If Barry pays less than the agreed amount that means there is no offer and acceptance, hence the contract cannot be enforced.