Business law case studies help?

Newman Money Department Store wanted to buy 500 pairs of rain boots for a special sale. Newman- Money's buyer phoned Shoe World, a manufacture, and asked for a quotation. Shoe Worlds sales manager said,We will sell you the 500 pairs for $10,000and guarantee that we will hold this offer open until next Monday. shortly after this phone call ended, Shoe World learned it could sell the boots elsewhere at a greater profit. It pjones you, its attorney, asks if it can revoke its offer to Newman Money. Can Shoe world revoke its offer? Was there an offer and acceptance why or why not? if not. what was this exchange?

Business law case studies help?
shoe world is one the hook b/c of a specified quantity and price of the goods and the buyer relys on their word....if they didnt sell the buyer could sue under breach of contract under the UCC (it was an implied contract)
Reply:Newman Money %26amp; Shoe World have entered into a verbal contract, if Newman Money's buyer accepted those terms.


That is what is missing from your question - did the buyer agree to those terms, or did they choose to shop elsewhere? If they did not accept the quote, then I believe that Shoe World can revoke the offer. As you stated, there must be both offer %26amp; acceptance, offer alone is not a contract.





The six elements of a contract are: binding agreement, competent parties, form required by law, legal in purpose, consideration, and genuine assent. A binding agreement is a contract, verbal or written, between parties that is bound by law. When two competent parties make an agreement, it is considered binding. A binding agreement must have an offer and an acceptance. An example of a binding agreement would be if Kelly told Jamie that she would buy her car for $6,000 and they both agreed to it. This agreement is legal in purpose, supported by consideration, is in the form required by law and is made by two competent parties who gave genuine assent.




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