Lucinda has coveted his classic car for quite some time

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Reference no: EM132172529

Jerome knows that Lucinda has coveted his classic car for quite some time. Finally willing to sell it, he sends a letter to Lucinda offering to sell the car for $15,000. Lucinda responds by saying she needs time to arrange financing. Lucinda offers Jerome $100 to keep the offer open for two weeks. Jerome agrees, taking the $100. Three days later, Philomena contacts Jerome saying she is interested in buying the car and has the cash to buy it outright. Jerome is concerned that if he doesn't sell the car to Philomena now, she may not be interested later. Furthermore, Lucinda may never be able to arrange financing. Jerome is afraid he may end up with no buyer at all. He comes to you for advice. What would you advise Jerome to do? Why – explain your rationale.

Reference no: EM132172529

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