UNIT 2: CONTRACTS – ASSIGNMENTFor each of the following five questions, explain your answers in as much detail as possible. For each answer, state the law (including all of the relevant elements of the law), state the relevant facts, apply the law to the facts, and give your opinion as to what the outcome should be. Each answer is 20 points (100 points total).-Acme Equipment offers to sell a dough-cutting machine to Big Bagels Inc. The offer states: “This offer expires Friday noon.” Acme is based in Boca Raton, Florida. Big Bagels is based in Los Angeles, California. On Friday, at 10:00 am Eastern time (Florida time), the sales manager for Acme calls the president of Biscuits and says, “Well, I guess you don’t want it. Contract is terminated.” What are the elements of a valid offer? Was this a valid offer, and why? Should this contract be terminated, and why?-Yellow Heating Inc. offers to ship furnaces to Zippy Inc. for $4,500 cash. Zippy’s CEO e-mails back, “Great, I accept, as long as we can make that payable in three weeks, not tomorrow.” What are the elements of a valid acceptance? Was this a valid acceptance and why?-On Monday morning, Andy and Brian enter an oral, unwritten contract for the sale of five acres of land in Delray Beach, Florida, at “$10,000 per acre.” On Tuesday morning, Andy demands that Brian pay him “$11,000 per acre” for the land. Brian refuses. Andy sues. Who should win, and why? In your answer, explain written/oral and implied/express contracts.-Abby is a brilliant 16-year-old high school student who has invented “The Spritzer,” a device to keep vegetables fresh in the refrigerator. Abby goes to TGIThursdays restaurant, where she meets up with Brianna, the 23-year-old sister of Abby’s best friend. They sit down for a bite to eat. Brianna has four vodka-and-tonics, Abby has a Coca-Cola. Brianna and Abby write a contract on a sheet of paper, and sign it, stating that Brianna promises to pay Abby $100,000 for all rights in The Spritzer. Is this a valid contract? What are the reasons why this might not be a valid contract?The report must be no more than 1,000 words, be typed and be in double-spaced form.This project is 20% of your overall grade.
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