Otto, an antique car dealer, is shown a 1968 Ford Shelby Cobra Mustang automobile by Devin, who just had inherited the car from his uncle. Impressed by how pristine the automobile was, Otto
law discussion question
I did Attached the midterm assignment and a class mate .. to give you an idea
Requirements: LONG
Open a blank Microsoft? Word? document which should be labeled ‘Contracts Midterm’ followed by your last name and your student number. Once you have completed this assignment, save it on your computer where you will be able to find it. You will then use the ‘browse’ button at the bottom of the assignment to retrieve the assignment and then submit it by clicking the ‘upload’ button. MIDTERM EXAMINATION (Essay Question 1 of 1) Otto, an antique car dealer, is shown a 1968 Ford Shelby Cobra Mustang automobile by Devin, who just had inherited the car from his uncle. Impressed by how pristine the automobile was, Otto orally proposes that Devin give him an exclusive contract to sell the automobile. As part of the proposal, Otto represented he could get between $100,000 to $125,000 for the automobile and requested a fee of 20% of gross sales price and states that he will conduct all advertising in order promote the 1968 Ford Shelby Mustang and to be given 16 months to find a buyer. Devin agrees but because he felt 20% of the gross sale price was high, he requested Otto to receive only 10% of the gross sales price. Otto agreed and stated that he will send Devin a written contract setting forth these terms “to verify our agreement.” Devin receives the written contract, which recites the terms of the oral understanding, but fails to sign it. Devin having second thoughts since he feels he should receive all of the proceeds from the automobile since he was the one that inherited the car advertises the 1968 Ford Shelby Mustang automobile. Brent reads the advertisement and calls Devin and offered him $90,000 for the car. Devin tells Brent he will not take less than $100,000. Brent tells Devin he will have to think about it and call him back. In the meantime, Devin decides that he should keep the car in the family since it is a rare classic. Devin writes a note to Otto that states he has decided not to sell the automobile. Further, when Brent calls Devin back about the automobile, he states he has decided not to sell the car. 1. Otto sues Devin for breach of contract. Discuss 2. Brent sues Devin for breach of contract. Discuss Your answers must be prepared in Microsoft? Word? using the Times New Roman font, 12 point, single space, double spaced between paragraphs. Each page must be numbered and your last name and student number included on the upper left hand corner of each page.
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