Question

In: Economics

Sally wanted to sell an antique doll that she had inherited. She posted a photograph of...

Sally wanted to sell an antique doll that she had inherited. She posted a photograph of the doll on her Facebook page with a note stating:

Last month, one just like this sold on eBay for $650! I’ll sell it to any of you for $450. First person I hear from gets it. Otherwise, after five days, I’ll sell it on eBay. Call me - no Facebook allowed at my job.

That same day, Barbara, one of Sally’s Facebook friends, saw Sally’s post. She believed that the doll might be worth more than $450. She soon learned from a local antique dealer that it was worth $1,500. She used her tablet computer to go on Sally’s Facebook page. There, she saw a note posted by Judy, another Facebook friend of Sally, stating: “The doll is worth way more than you think. Don’t sell it.” Barbara then left a note stating, “I’ll take the doll for $450. Barbara.” Later, she called Sally and said, “This is Barbara, and I’ll buy the doll for $450.” Sally replied, “Sorry, you’re too late.” Barbara looked again at Facebook and saw a new note from Sally stating: “Thanks for the information, Judy. The doll is going straight to eBay.”

Did Barbara enter an enforceable contract with Sally? Discuss.

If Barbara entered an enforceable contract with Sally, what remedies, if any, does she have?

Solutions

Expert Solution

Enforceable contract is a written or oral agreement that can be imposed in a court of law . If the law permits the enforcement of contract then the execution of an agreement is the obligation of assenting parties . Here Barbara didn't enter into enforceable contract with sally . Because she was late . If and then she entered into enforceable contract with sally then Barbara have all the right to take the doll at $450 . If they entered they both are equally obliged to follow the instructions of law . They have to stay in that particular decision and sell or buy that particular good that is promised . If any of the party is found not following the rules, the other party can give a legal notice or something and then the court will determine the verdict of the case . The contract can be formed oral or written . Oral agreement are far more difficult to enforce than written contracts . Contract litigation proceedings demand that a court determine if a contract exists and if it has in effect been violated. The validity of a contract is in the details . Without the proper details a contract is considered non existent or invalid.


Related Solutions

Sally wanted to sell an antique doll that she had inherited. She posted a photograph of...
Sally wanted to sell an antique doll that she had inherited. She posted a photograph of the doll on her Facebook page with a note stating: Last month, one just like this sold on eBay for $650! I’ll sell it to any of you for $450. First person I hear from gets it. Otherwise, after five days, I’ll sell it on eBay. Call me - no Facebook allowed at my job. That same day, Barbara, one of Sally’s Facebook friends,...
Joyce has just contracted to sell a small parcel of land that she inherited a few...
Joyce has just contracted to sell a small parcel of land that she inherited a few years ago. The buyer is willing to pay R28 000 at the closing of the transaction or will pay the amounts shown in the following table at the beginning of each of the next five years. Because Joyce doesn’t really need the money today, she plans to let it accumulate in an account that earns 10% annual interest. Given her desire to buy a...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT