He owns a priceless van gogh painting

Assignment Help Business Management
Reference no: EM131443759

The Open Offer (must be at least 1000 words) *no plagiarism*

Jimmy, an art dealer and merchant, is running out of funds. Luckily, he owns a priceless Van Gogh painting. He writes his friend Tommy. The letter says "Tommy you remember that Van Gogh painting you were interested in buying? I will offer it to you for $500,000. I will give you one month to accept this offer." Jimmy signs the letter. Tommy receives the letter, and he is very excited. He writes back two weeks later saying that he accepts, and Tommy encloses a check for $500,000. Unfortunately, Jimmy received a better offer for the painting, and Jimmy accepts that one.

  • Is there a breach of contract?
  • If so, what remedies may Tommy get?

Reference no: EM131443759

Questions Cloud

Succumb to managerial malfeasance : There have been numerous examples of organizations that have fallen and succumb to managerial malfeasance, there by causing them to fail and lose millions of dollars.
High divorce rate in the united states : Sociology (650 word essay): Identify at least four factors that are related to the high divorce rate in the United States. Why has the divorce rate increased over the course of the last century?
Construct the production possibilities frontier : Suppose the following production possibility table represents the province of Quebec. a. Construct the production possibilities frontier for cheese and tractors. b. Does this production possibilities frontier illustrate the law of increasing opportun..
Creating a project management plan : Since the company is very new to the business arena, it needs help in creating a project management plan for developing its own website.  The major tasks for the development have been identified but you need to create the timeline.
He owns a priceless van gogh painting : Jimmy, an art dealer and merchant, is running out of funds. Luckily, he owns a priceless Van Gogh painting. He writes his friend Tommy. The letter says "Tommy you remember that Van Gogh painting you were interested in buying?
Project-time management using excel : You have been hired as a business analyst by a new start-up company called Multi-Media.  Multi-Media is an interactive agency that constructs phased and affordable website marketing, providing its clients with real and measurable solutions that ar..
At what price the price elasticity of demand equal to zero : Suppose the demand for the IBM personal computer is: Qd= 2400 - 4p (a) At what price is the price elasticity of demand equal to zero?
Equity in the computation of jackit wacc : If the common shares are selling for $28.00 per share, the preferred share are selling for $13.50 per share, and the bonds are selling for 98.00 percent of par, what would be the weight used for equity in the computation of JackIT's WACC?
Differentiate microeconomics or macroeconomics : Question: Would the following topics be covered in microeconomics or macroeconomics? a. the effects of an increase in the supply of lumber on the home-building industry b. changes in the national unemployment rate c. the effect of interest rates on t..

Reviews

Write a Review

Business Management Questions & Answers

  Charlie''s green lawn care is a cash basis taxpayer

Charlie's Green Lawn Care is a cash basis taxpayer. Charlie Adame, the sole proprietor is considering delaying some of his December 2011 customer billings for lawn care into the next year. In addition he is thinking about paying some of the bills in ..

  Control function of management

Students learn to understand associate and leadership involvement in creating metrics that fit the organization's culture and strategy.They will also be able to successfully track progress to goals.

  What processes does the organization have to motivate staff

What processes does the organization have to motivate staff? Do these process work? Why? What would you change in the organization to improve employee's motivation

  Undergraduate discussion participation policies

For more information about discussion grading criteria, visit the Undergraduate Discussion Participation Policies and Rubric page located in ECPI Resources.

  Satisfying in decision-makingquestion with information that

satisfying in decision-makingquestion with information that you gained from an internet and literature search discuss

  Explain the corporation that has acquired another company

Explain For the corporation that has acquired another company and merged with another company or been acquired by another company and evaluate the strategy that led to the merger

  What factors seem to be influencing team performance here

What factors seem to be influencing team performance here? Identify the team norms and goals. Arc they compatible with organizational objectives?

  How about a change from a merit system

How do you think employees might react to a change from a parity system to a merit system? How about a change from a merit system to a parity system?

  What is electronic commerce

What is electronic commerce?- How can you use a B2B e-marketplace to reduce your dependence on a particular supplier?

  Clarification of critical thinkingdiscuss the following

clarification of critical thinkingdiscuss the following analogical argumenteconomic sanctions simply do not work. as a

  Sub-data management

When an update to the database takes place, the time of the update, the values of the data before and after the update, and the type of lock used are recorded in the transaction log. true or false?

  How do these philosophies differ from the adult process

How do these philosophies differ from the adult process and what are the sanctions involved, the various legal factors associated with sentencing, and the aspects of the appeal process.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd