Advise peter and james whether john owes

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John is a sole proprietor trading as 'John General Dealers'. Last week he displayed an eye-catching 'funky' leather jacket in his shop window, with the price marked on it as 5,000. When Peter visited the shop and told John that he was willing to buy the jacket for 3,000, John replied that he could only reduce the indicated price to 4,000. But Peter insisted that he was only willing to pay 3,000 and left the shop. Peter could not, however, resist the temptation to buy the jacket. Barely five minutes after he had left, Peter returned to the shop to buy the jacket for 4,000. But John refused to sell it, stating that he had just realised that the jacket was in fact worth more than the price marked on it. In the meantime, James visited the shop and expressed his willingness to purchase the jacket for the price marked on it. John refused to sell it to him.

Advise Peter and James whether John owes them any contractual obligation.

Reference no: EM132432647

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