Reference no: EM13466981
1) Mickey has never liked Nuckey so he decides to play a practical joke on him by pretending to sell him his home in the Cayman Islands. He tells Torrio that he has no intention of selling Nuckey the home. Mickey approaches Nuckey in a bar where Nuckey is clearly intoxicated. The home is assessed at $10 million but he offers Nuckey the home for $50,000. He winks and smiles at Nuckey and Nuckey accepts and the two shake hands. Nuckey quits his job at Replay Baseball and moves to the Cayman Islands where Mickey informs him that he never had any intention of selling him the home. Nuckey is moving furniture and trimming the hedges at the time. Of course, Mickey never mentioned that he owned a second home in the Cyman Islands that was recently destroyed in a hurricane.
A. Discuss whether there is a valid offer of acceptance and, further, discuss whether there is an enforceable contract. There are at least four issues here!
2) Nuckey decides that he will build a new home in Massachusetts with a large Jacuzzi. He compiles specifications for the construction of the home and sends it to several general contractors so they may provide bids/quotations. Part of the general contract includes a large plumbing sub contract. Boardwalk Constructions submits a bid to Nuckey for $20 million to serve as the general contractor. As part of its general bid, Boardwalk Construction factored $1 million for plumbing based upon a sub bid submitted by Atlantic Plumbing. There were two other bids for the plumbing work. Boardwalk Construction and Atlantic Plumbing have a falling out and Atlantic Plumbing no longer wants to work on the project. The two other bids were for $10 million each respectively.
B. Discuss whether Atlantic Plumbing may revoke its offer. What are the competing arguments? Are there any other important facts?
3) Boardwalk Construction is working on a small renovation project for Capone at his home. There is no written contract, but the two have orally agreed that Boardwalk will renovate Capone's garage for $75,000. The two have agreed that construction is to be completed whithin one month. Two weeks later, Boardwalk approaches Capone and complains that the cost of nails has increased by 40% and that cold wheather has slowed the construction project. Boardwalk and Capone agree to increase the contract by $5,000 and to extend the completion date by three weeks. Each party agrees in writing to this change. Upon completion of the project, Boardwalk sends Capone a bill for $80,000.
C. How much does capone have to pay? what are the competing arguments?
4) Boardwalk Construction has provided Eli a quotation of $20,000 to provide and install a high-end refrigerator. Boardwalk has provided this quote in writing and has stated that the quote is valid for 30 days and that Boardwalk may not revoke its offer. The next day, several of Boardwalk's employees quit. Boardwalk sends a fax to Eli attempting to revoke its offer. Two seconds after Boardwalk sends the fax, it receives a fax from Eli accepting the offer.
D. IS there an agreement there? What are the competing arguments?