Yvonne offered to sell Tracy several pieces of rare Italian art at a very good p
ID: 367921 • Letter: Y
Question
Yvonne offered to sell Tracy several pieces of rare Italian art at a very good price because they were duplicates in her own collection. Tracy could not accept the offer at that time, but she did give Yvonne $500 in return for her promise to keep her offer open for three weeks. Tracy returned with the agreed upon balance two weeks later to find that Yvonne already had sold the pieces she had offered to sell to her. Yvonne explained that she had been able to get a better price from another buyer. She offered to return Tracy’s $500 and insisted that this was all she was obligated to do. Is Yvonne right?
Explanation / Answer
Explanation:
Every contract have basic element for contact to fulfill, an offer, acceptance, mutual consent, and consideration, moreover there should be written instrument that prove that the both parties agreed to come into contract and acceptance of that offer in written instrument.
In this case, Tracy did not accept the offer at that time and instead given the money to Yvonne to keep that offer open. Additionally there was no written consent from each of the party to sell that Italian art. Thus Yvonne is right that she only obligated to return her money.
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