Contract Law
A written offer, which remained open for five days, was provided to sell B. Greenacre for $1,000 by A. On the eve of expiry of the offer, B obtained a report from the county recorder of deeds that he (the recorder) had obtained a deed of Greenacre from A to C. executed on that day. Following assumptions that the recorder was probably wrong, B notified A of acceptance of the written offer on the fifth day. While the information provided by the recorder was found to be erroneous, A denied the existence of a contract between him and B. This scenario has generated several concerns on whether A was right, especially if the report was reliable. Additionally, there are questions on whether the report may have been reliable despite being erroneous.
The above scenario is an example of a contract law issue and specifically deals with the issue of the power of acceptance in a contract. Once a party has made an offer to another, he/she essentially confers the power of acceptance to the offeree. In this case, when A granted the offer to sell B. Greenacre, he/she essentially conferred to power of acceptance to B. for a period of five days. The power of acceptance in this scenario could only be terminated under various circumstances including lapse of the offer, revocation by A, B's death or incapacity, and B's rejection.
In relation to the lapse, the offer would lapse after the specified five day period in which the offer would remain open. Generally, an offer usually lapses after a specified period of time (which in this case is five days) or after a reasonable period of time (if no time period is specified). On this basis, B had the power of acceptance for the five day period after which his/her power of acceptance would be terminated (Eisenberg, 2004). Therefore, B was within his/her right to exercise...
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