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On 1st June Roger promises to pay Maria $1,000 if she would promise to selIl him a set of rare vintage stamps she collected. On 5th June Maria replies to Roger that $1,000 was not enough for the stamps. She asks for $1,500. Roger did not respond. On 16th June Maria says to Roger she accepts Roger's offer of $1,000.

On 1st June Roger promises to pay Maria $1,000 if she would promise to selIl him a set of rare vintage stamps she collected. On 5th June Maria replies to Roger that $1,000 was not enough for the stamps. She asks for $1,500. Roger did not respond. On 16th June Maria says to Roger she accepts Roger's offer of $1,000.

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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On 1st June Roger promises to pay Maria $1,000 if she would promise to sell him a set of rare vintage stamps she collected. On 5th June Maria replies to Roger that $1,000 was not enough for the stamps. She asks for $1,500. Roger did not respond. On 16th June Maria says to Roger she accepts Roger's offer of $1,000. There is a contract for the sale of the stamp collection because Maria has accepted Roger's offer of $1,000. There is a contract for the sale of the stamp collection because Roger's promise to pay $1,000 is supported by executed consideration. There is no contract for the sale of the stamp collection because there is no agreement between the parties. O There is no contract for the sale of the stamp collection because there is no intention to create legal relations.
Transcribed Image Text:On 1st June Roger promises to pay Maria $1,000 if she would promise to sell him a set of rare vintage stamps she collected. On 5th June Maria replies to Roger that $1,000 was not enough for the stamps. She asks for $1,500. Roger did not respond. On 16th June Maria says to Roger she accepts Roger's offer of $1,000. There is a contract for the sale of the stamp collection because Maria has accepted Roger's offer of $1,000. There is a contract for the sale of the stamp collection because Roger's promise to pay $1,000 is supported by executed consideration. There is no contract for the sale of the stamp collection because there is no agreement between the parties. O There is no contract for the sale of the stamp collection because there is no intention to create legal relations.
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