Laney purchased a new lawn mower yesterday for $350 from the local home improvement warehouse. When she arrived home and attempted to use the new mower, it would not start. Exasperated, Laney yelled “I’d sell this stupid mower for $50.” Laney’s next-door neighbor Jacobi overheard her (Laney was not aware that Jacobi was home at the time). Jacobi quickly replied, “I’ll take it!” and immediately brought her $50. Provide your response as two paragraphs. Paragraph 1: What are the valid elements of an offer? Paragraph 2: Is this situation a valid offer? Identify 3 reasons to explain your response.
Laney purchased a new lawn mower yesterday for $350 from the local home improvement warehouse. When she arrived home and attempted to use the new mower, it would not start. Exasperated, Laney yelled “I’d sell this stupid mower for $50.” Laney’s next-door neighbor Jacobi overheard her (Laney was not aware that Jacobi was home at the time). Jacobi quickly replied, “I’ll take it!” and immediately brought her $50. Provide your response as two paragraphs. Paragraph 1: What are the valid elements of an offer? Paragraph 2: Is this situation a valid offer? Identify 3 reasons to explain your response.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
Related questions
Question
Laney purchased a new lawn mower yesterday for $350 from the local home improvement warehouse. When she arrived home and attempted to use the new mower, it would not start. Exasperated, Laney yelled “I’d sell this stupid mower for $50.” Laney’s next-door neighbor Jacobi overheard her (Laney was not aware that Jacobi was home at the time). Jacobi quickly replied, “I’ll take it!” and immediately brought her $50. Provide your response as two paragraphs. Paragraph 1: What are the valid elements of an offer? Paragraph 2: Is this situation a valid offer? Identify 3 reasons to explain your response.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.Recommended textbooks for you
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.