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Molly and Kyle were discussing that Molly was ready to sell her Dell laptop computer. Molly said she wanted $750. Kyle said that was a good price, and Mol said she would send him an email confirming their conversation. Later that night, Molly sent Kyle an email offer to sell the computer; however, she accidentally typ $570 instead of $750. Kyle replied, "I'll take it for $570." Is this a valid contract? Yes, since Kyle agreed to the offer

Molly and Kyle were discussing that Molly was ready to sell her Dell laptop computer. Molly said she wanted $750. Kyle said that was a good price, and Mol said she would send him an email confirming their conversation. Later that night, Molly sent Kyle an email offer to sell the computer; however, she accidentally typ $570 instead of $750. Kyle replied, "I'll take it for $570." Is this a valid contract? Yes, since Kyle agreed to the offer

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Molly and Kyle were discussing that Molly was ready to sell her Dell laptop computer. Molly said she wanted $750. Kyle said that was a good price, and Molly said she would send him an email confirming their conversation. Later that night, Molly sent Kyle an email offer to sell the computer; however, she accidentally typed $570 instead of $750. Kyle replied, "I'll take it for $570." Is this a valid contract? O Yes, since Kyle agreed to the offer O No, since this is a case of mutual mistake O No, since this is a case of an innocent misrepresentation No, since Kyle knew or had reason to know of Molly's mistake No, since this case involves duress
Transcribed Image Text:Molly and Kyle were discussing that Molly was ready to sell her Dell laptop computer. Molly said she wanted $750. Kyle said that was a good price, and Molly said she would send him an email confirming their conversation. Later that night, Molly sent Kyle an email offer to sell the computer; however, she accidentally typed $570 instead of $750. Kyle replied, "I'll take it for $570." Is this a valid contract? O Yes, since Kyle agreed to the offer O No, since this is a case of mutual mistake O No, since this is a case of an innocent misrepresentation No, since Kyle knew or had reason to know of Molly's mistake No, since this case involves duress
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