Define the term that local newspaper for an advertisement


Wilbur, who has had difficulty making up his mind for most of his 29 years, was sitting around on Sunday with some of his friends. At one point, he says, "I'm going to try to sell my car, and if I get an offer close to $9,000 I'm going to take it." Andy, one of the friends, thinks to himself that this might be a good deal. The following events occur later that same week:

Wilbur arranges with the local newspaper for an advertisement to run beginning on Saturday which will say, "1999 Honda Prelude, excellent, 1st $8,000 takes it. See it at 1902 Maple Street."

 Andy delivers a note to Wilbur, which Wilbur reads later on Tuesday. The note says, "I'll take your car for $9,000" and is signed by Andy.

Wilbur thinks he may have under-priced the car and calls the paper to cancel. It is too late to make changes for Saturday so the ad runs. A new ad will start Sunday that does not mention a price but he expects that the car should bring close to $10,000.

Bob shows up with $8,000 in hand to buy the car. Wilbur refuses to sell the car to Bob.Andy and Bob each separately sue Wilbur wanting to force him to sell the car claiming that a contract has been formed.Discuss separately each case and how it might come out, including the arguments the parties would most likely raise.

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Finance Basics: Define the term that local newspaper for an advertisement
Reference No:- TGS0518723

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