Termination of the Power of Acceptance Self-Quiz 1

 

 

 

 

 

 

 

 

Sol is an avid classical music fan and he attends the symphony whenever he can. He also has a large collection of instruments actually used by famous musicians. David has been the symphony’s harp player for many years and he is widely recognized as the best harpist is the world. Sol would like nothing more than to add David’s harp to his collection of instruments. On April 1st, Sol calls David and offers to buy the harp for $10,000. Sol tells David that he will leave the offer open for two weeks. On April 16th, Sol buys a cello, previously owned by Yo Yo Ma, for $15,000. On April 17th, David calls Sol to accept Sol’s offer. However, since Sol had spent so much money the day before, he tells David that he can no longer buy the harp. David sues Sol for breach of contract, arguing that his acceptance of Sol’s offer created a binding agreement between them. David will win this case.
True
False
Sol is an avid classical music fan and he attends the symphony whenever he can. He also has a large collection of instruments actually used by famous musicians. David has been the symphony’s harp player for many years and he is widely recognized as the best harpist is the world. Sol would like nothing more than to add David’s harp to his collection of instruments. On April 1st, Sol writes David a letter offering to buy the harp for $10,000. Sol tells David that he will leave the offer open for two weeks and that David should call him if he is interested in selling the harp. David receives the letter on April 5th. On April 16th, Sol buys a cello, previously owned by Yo Yo Ma, for $15,000. On April 17th, David calls Sol to accept Sol’s offer. However, since Sol had spent so much money the day before, he tells David that he can no longer buy the harp. David sues Sol for breach of contract, arguing that his acceptance of Sol’s offer created a binding agreement between them. David will win this case.
True
False
Sol is an avid classical music fan and he attends the symphony whenever he can. He also has a large collection of instruments actually used by famous musicians. David has been the symphony’s harp player for many years and he is widely recognized as the best harpist is the world. Sol would like nothing more than to add David’s harp to his collection of instruments. On April 1st, Sol calls David and offers to buy the harp for $10,000. Sol tells David to think about the offer and get back to him if he is interested. On April 16th, Sol buys a cello, previously owned by Yo Yo Ma, for $15,000. On April 27th, David calls Sol to accept Sol’s offer. However, since Sol had spent so much money on the cello, he tells David that he can no longer buy the harp. David sues Sol for breach of contract, arguing that his acceptance of Sol’s offer created a binding agreement between them. David will win this case.
True
False
On April 1st, Sol calls David and offers to buy his harp for $10,000. Sol tells David that he will leave the offer open for one month. On April 5th, David calls Sol and tells him that he is not interested in selling the harp. On April 16th, Sol buys a cello, previously owned by Yo Yo Ma, for $15,000. On April 17th, David calls Sol to accept Sol’s offer. However, since Sol had spent so much money the day before, he tells David that he can no longer buy the harp. David sues Sol for breach of contract, arguing that his acceptance of Sol’s offer created a binding agreement between them. David will win this case.
True
False
On April 1st, Sol calls David and offers to buy his harp for $10,000. On April 5th, David calls Sol and tells him that he will sell the harp for $12,000. On April 6th, Sol buys a cello, previously owned by Yo Yo Ma, for $15,000. On April 7th, David calls Sol to accept Sol’s offer of $10,000. However, since Sol had spent so much money the day before, he tells David that he can no longer buy the harp. David sues Sol for breach of contract, arguing that his acceptance of Sol’s offer created a binding agreement between them. David will win this case.
True
False
On April 1st, Sol calls David and offers to buy his harp for $10,000. On April 5th, David calls Sol and tells him that he will sell the harp for $12,000. On April 7th, Sol calls David and agrees to pay $12,000 for the harp. However, two days later, when David tries to deliver the harp, Sol tells David that he no longer wants to buy it. David sues Sol for breach of contract, arguing that Sol’s acceptance of the terms of David’s counteroffer created a binding agreement between them. David will win this case.
True
False
On April 1st, Sol calls David and offers to buy his harp for $10,000. On April 5th, David calls Sol and says “I will sell the harp to you for $10,000 but I was really hoping to get $12,000 for it. Let me know if there is any way you can improve your offer.” On April 7th, Sol brings $10,000 to David’s dressing room to pay for the harp but David refuses to sell it. Sol sues David for breach of contract, arguing that David accepted his offer of $10,000 for the harp and that there is a binding agreement between them. Sol will win this case.
True
False
On April 1st, Sol calls David and offers to buy his harp for $10,000. Sol promises to keep the offer open for two weeks and, in return, David promises to pay Sol $10 to keep the offer open. On April 5th, David calls Sol and tells him that he will sell the harp for $12,000. On April 7th, David calls Sol and accepts Sol’s offer to buy the harp for $10,000. However, Sol tells David that he no longer wants to buy it and is therefore withdrawing the offer. David sues Sol for breach of contract, arguing that his acceptance of the terms of Sol’s offer created a binding agreement between them. David will win this case.
True
False
On April 1st, Sol calls David and offers to buy his harp for $10,000. On April 5th, David calls Sol and says “I will sell the harp to you for $10,000 but only if you reimburse what I have to pay to ship the harp to you.” On April 7th, David ships the harp to Sol. A few days later, David gets the harp back in the mail. Enclosed with the harp is a note from Sol saying that Sol has changed his mind and no longer wants to buy the harp. David sues Sol for breach of contract, arguing that David accepted Sol’s offer of $10,000 for the harp and that there is a binding agreement between them. David will win this case.
True
False
On April 1st, Sol makes a written offer to David to buy his harp for $10,000. On April 3rd, Sol writes David another letter revoking the offer. David receives the offer in the mail on April 6th and immediately writes Sol a letter accepting the offer. David puts the letter of acceptance in the mail on the same day, April 6th. On April 9th, David receives Sol’s letter of revocation. Two days later, David tries to deliver the harp to Sol but Sol refuses to accept it. David sues Sol, arguing that he validly accepted Sol’s offer and therefore, they have a binding contract. David will win this case:
True
False
The symphony has just finished a performance at Carnegie Hall. The performance featured a lengthy solo by David, who was playing a special hand held harp crafted specially for this performance. Unfortunately, the harp goes missing after the performance. David looks all over for the instrument but it is nowhere to be found. David places an add in the New York Times, offering a reward of $1,000 to anybody who finds and returns the harp to him. A few days later, David, having given up hope of ever getting the harp back, publishes, in the Times, a revocation of his reward offer. About a week later, Sol finds the harp in a dumpster in the back of Carnegie Hall. Remembering that he had seen an add offering a reward for the harp's return, Sol immediately makes his way over to the symphony’s rehearsal site. Sol, who is not aware that David published a retraction of the reward offer, returns the harp and demands the $1,000. When David refuses to pay Sol, Sol sues David for breach of contract. Sol will win this case:
True
False
On April 1st, David offers to sell Sol his harp for $10,000 and tells Sol that the offer will be kept open for two weeks. On April 12th, David sells the harp to Sam for $11,000. Sol immediately withdraws $10,000 from his bank account and tries to buy the harp from David. David informs Sol that he has sold the harp to Sam. Sol sues David, arguing that he has validly accepted David’s offer so that David is now in breach of the binding agreement they have. David will win this case:
True
False

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