Wk_4_Discussion_Questions

Met An offer was met when both Mike and Bob agreed on a selling price of $25,000.00 for a pre-owned vehicle. Met An acceptance was met. Mike and Bon had an unequivocal acceptance. Both parties were aware of the selling price $25,000.00 ($22,000.00 to Bob; $3,000.00 to Al as a consignment fee). In addition, Mike stated, “I can’t believe you’re letting this go for so little.” Mike felt as if he was stealing it for the price of $25,000.00. Not Met A consideration was not met as neither party gave anything tangible nor or legal value. Actually, neither individual stated or confirmed the type of vehicle Bob is planning to sell for $25,000.00. Not Met A lawful object was not met as nothing was legally bonded the agreement to a contract. No At this point there is no contact. Nothing of legal value was exchanged. However, if there was a contract between Bob and Mike the law permits a rescission of some contract made in mistake. For example, when Mike received the phone call from Bob asking him to write two different checks, Mike began to feel as if he made a mistake or the agreement is wrong. As a result, Mike decided to back away from the offer of $25,000.00 and ask for a counteroffer of $20,000.00. No According to U.C.C Article 2 (Sales), Section 201, “A contract for the sale of goods for the price of $5,000 or more is not enforceable by way of action or defense unless there is some record sufficient to indicate that a contract for sale has been made between the parties and signed by the party against which enforcement is sought or by the part’s authorized agent or broker” (p. 16). Although the selling price is greater than $5,000.00 this article does not apply to this situation. Simply, neither party had a record of the agreement or contract. A. Description of Procured Vehicle 1. Make: Toyota 2. Model: Corolla / S Series (1.8L 4-cyl 4AT) 3. Body Type Sedan 4. Body Color: Classic Silver Metallic 5. Year: 2012 6. Miles: 8,561 7. Vehicle Identification Number ("VIN"): JT4RN38S5D0578903 B. Consideration 8. Purchase Price: The purchase price to be remitted by Buyer to Seller for the Procured Vehicle is $25,000.00 U.S. Dollars This is a contract made between the Seller, Bob, and the Buyer, Mike, for the sale of Seller's 2012, Toyota, Corolla. The vehicle is a sedan, S Series (1.8L 4-cyl 4AT) and body color is Classic Silver Metallic. The VEHICLE IDENTIFICATION NUMBER ("VIN") number is JT4RN38S5D0578903, and odometer reads 8,561 as of 6/26/2013. The date of sale is 6/26/2013. Buyer agrees to pay Seller the purchase price of $25,000.00 U.S. Dollars to be paid in full with check number 999. The car is sold "AS IS." Seller makes no warranties about the condition of the car and provides Setter with the title of the purchased vehicle. No Bob’s suggestion is simply an offer to modify an existing contract or agreement. Bob did not offer anything to Mike, but wanted Mike to write two checks instead of one. NO Bob cannot enforce the original terms because nothing of legal value was exchanged or recorded.