What was the acceptance-what was the consideration

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Reference no: EM132226381

Business MGMT.

You own a furniture making business. It thrives well, provides for your family and you enjoy your labor of love. A busload of tourists arrive and some of the travelers stop into your shop. They inquire about your work, product and availability. After exchanging information with one interested traveler, you go back to your work. He had mentioned that he wanted you to make him a bedroom set, including a dresser, armoire, nightstand and your “piece de resistance”, a magnificent sleigh bed with intricate carvings and hard to find exotic woods. You begin working on the project before contacting the traveler by procuring materials and sketching out designs. It dawns on you to contact him to discuss this further as this is a big project that will take a lot of time. When you speak to him, he expressed that he would very much like to order the furniture but payment terms must be discussed. You ‘hammer out’ payment terms of 1/3 as deposit, 1/3 at halfway point and 1/3 on delivery and acceptance.He mails the deposit with a letter laying out some ideas and a request for a certain type of wood-super exotic zebra-spiderman oak. You set about working on the furniture but cannot locate enough of the wood for the whole project. You find a similar wood: zebra-batman hickory. It looks close enough to the spiderman, so you use it.

Traveler visits at the halfway point, pays another 1/3 and mentions nothing about the wood difference. You finish, prepare the furniture for delivery and ship it to Traveler’s home. As the furniture is unloaded, Traveler stops the unloading and refuses to accept it based on the wood difference. He sends it back to you with a note: NOT spidey wood, not accepted!, no final payment, enjoy sleeping in that hunk of junk! Ultimately you are able to sell the furniture to someone else at a fraction of the price.

What was the offer?

What was the acceptance?

What was the consideration?

When did the contract become effective? What and when did a breach occur?

What is the remedy on both sides?

What terms would you want to see in a contract like this?

What are the defenses to enforcement of the contract by either party?

Write out your answers in short answer format.

Reference no: EM132226381

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