Comments about the contractual nature of these events

Assignment Help Financial Management

Reference no: EM131456047

Bob Buyer read in the Houston Chronicle supplement of the Sunday newspaper that his favorite pair of jeans was on sale for $40 at The Gap at the First Colony Mall. Bob likes a good deal so he was one of the first customers in the store on Sunday. As soon as he entered the store he saw a big sign touting the jeans sale for $40.00.

Bob found a pair in his size, picked the jeans up, and started walking toward the cash register with the jeans in one hand and cash in the other hand. . The cash register was being manned by the store manager, Luke Hernandez, who was a bright young man because he was enrolled in an online course of Legal Environment of Business at the University of Houston Victoria at the Sugar Land campus.

About this time, Susie Shopper stopped Bob before he arrived at the cash register and shouted to Bob but made sure it was loud enough that Mr. Hernandez could hear her comments: “…hey, I need those jeans for my husband’s birthday and I’m willing to pay $50 for those jeans.” There was a tense moment, but Mr. Hernandez had recently studied contracts and he knew all about offers, acceptance, consideration, counter-offers, and rejection. As a store manager, Mr. Hernandez was responsible for monthly store profits. Was there a valid contract between Bob and The Gap before Bob actually made the payment? If yes, how and when did the offer, acceptance, consideration, etc occur? Other observations or comments about the contractual nature of these events?

Reference no: EM131456047

Questions Cloud

Minimum number of years person must deposit : What is the minimum number of years a person must deposit $3,000 per year in order to have accumulated at least $55,000 at the time of the last deposit?

Income and cash flow analysis : The Berndt Corporation expects to have sales of $10 million. What would happen to reported profit and to net cash flow?

Difference between primary markets and secondary markets : Define in your own words what the financial markets consist of. Establish the difference between primary markets and secondary markets.

Statement of retained earnings-income statement : Kendall Corners Inc. recently reported net income of $3.2 million and depreciation of $544,000. What was its net cash flow?

Comments about the contractual nature of these events : how and when did the offer, acceptance, consideration, etc occur? Other observations or comments about the contractual nature of these events?

Invests heavily in government and corporate securities : Assume that the United States invests heavily in government and corporate securities of Australia. The total dollar value of trade transactions per year.

Exchange rate between pounds and dollars : Consider the exchange rate between British pounds and U.S. dollars. Assume British inflation rates rise while U.S. inflation rates remain constant.

The financing by the international monetary fund : The financing by the International Monetary Fund is measured in special drawing rights (SDRs).

What is the effective annual rate of interest : You can buy an item for $130 on a charge with the promise to pay $130 in 90 days. What is the effective annual rate of interest?

User Account

All Pages