Charlotte and Emma for the sale of the painting

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Reference no: EM133808675

Charlotte owns an original and expensive painting. One day, she decided to sell the painting via an auction process that she would conduct herself (i.e., she would be the auctioneer). She placed an advertisement on a public website called "Art Collectibles", which generally caters to people interested in purchasing art collectibles and paintings, to provide information about the details of the in-person auction, such as the date, time, venue and a brief description of the painting. She also informed some of her friends and relatives about this auction, as she thought that they might be interested.

On the day of the auction, Charlotte displayed the painting at a secured section of the auction venue, so that prospective bidders could view the actual painting before the auction. Before the auction commenced, all participants were informed that it would be conducted as a competitive bidding process, with the minimum bid priced at $10,000. Naturally, the painting would be sold to the highest bidder. After Charlotte opened the bidding process and started inviting bids, Samuel made a bid for $10,000. When Charlotte asked if there were any higher bids, Emma (who happened to be a friend of Charlotte) made a bid for $15,000. No further bids were made thereafter, and Charlotte loudly announced, "Sold to Emma for $15,000!"

Question 1.

Explain whether there is a valid contract between Charlotte and Emma for the sale of the painting. In your answer, you should identify and discuss the four elements of a contract. To explain the legal significance (if any) of the advertisement that Charlotte placed on the "Art Collectibles" website. (30 marks)

Question 2.

Kindly state in-text citations or references related to the above case study.

Reference no: EM133808675

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