SOLVED

[Saturday Auction] Randy, an auctioneer, held an auction on a Saturday morning. At the beginning of the auction, Randy announced that the auction was being held without reserve. Erin, Maria, and Steve were all in attendance. Erin saw an old cash register with a stuck drawer that she thought would look great in her den. The auctioneer put the cash register up for sale noting that the drawer was stuck but that it could probably be fixed with little effort. Erin bought it for $20. When she got it home, she discovered that it actually contained $5,000 in cash. Unfortunately, Erin had a teenage son who started bragging to his friends about the family’s good fortune. Randy heard about what had happened and sued Erin for return of the $5,000. At the same auction, Maria saw a great deal on a used table, and bid $20 on it. No one else bid anything. Randy announced that $20 was clearly insufficient for the table, that it was worth much more than that, and that he was taking it out of the auction. Steve started bidding on a diamond ring for his girlfriend. He bid $2,000. Just as Randy was getting ready to say “Sold,” Steve looked over at his girlfriend, decided that he was not sure about marriage, and jumped up yelling “I revoke.” Randy, however, immediately after, yelled “Sold.” Randy sues Steve attempting to obtain the money for the engagement ring. Randy also sues Erin seeking to recover the $5,000 contained in the stuck drawer. Maria sues Randy attempting to obtain possession of the table. 81) What is the likely result in the lawsuit brought by Maria against Randy for the table? A) Maria will win because the auction was without reserve, and Randy had agreed to accept the highest bid. B) Randy will win because he did not inform attendees in writing that the auction was without reserve. C) Randy will win because Maria was simply making an offer that he was free to decline. D) Randy will win because no acceptance occurred. E) Randy will win because the price was clearly insufficient for the table. 82) What is the likely result in the lawsuit Randy brought against Steve? A) Steve will win because bids made at an auction may be revoked at any time within one day after the auction. B) Steve will win because bids made at an auction may be revoked at any time within ten days after the auction. C) Randy will win because Steve had no right to revoke the bid. D) Steve will win because bids made at an auction may be revoked at any time within five days after the auction. E) Steve will win because he properly revoked his bid before it was accepted. [Leaky Tub and Flaming Watercraft] Isaiah finished college, got a good job, and decided to sell some used items and buy newer ones. A used hot tub with a leak in it and a personal watercraft were at the top of the list. Isaiah offered to sell to Yasmeen the hot tub for $500. Yasmeen was interested but not willing to pay $500. She said “I’ll give you $400.” Isaiah said that he would think about it. Later, the same day, Isaiah offered to sell Donna the hot tub for $500. Donna said “Would you consider $450?” Isaiah said he would think on it. A few minutes later, Paul who had heard that Isaiah wanted to sell the hot tub accepted Isaiah’s offer to sell for $500, and they agreed that the transfer would be made the next day. A few minutes later, Yasmeen called saying that she accepted Isaiah’s offer to sell the hot tub for $500. A few minutes after that, Donna called and told Isaiah that she accepted his offer to sell the hot tub for $500. Isaiah told Yasmeen and Donna that he had already sold it, and they were angry and threatened to sue. Isaiah offered to sell the personal watercraft to Haley for $800. She said that she would think it over and let him know the next day. Unfortunately, through no fault of anyone, there was a fire at Isaiah’s home that night and the personal watercraft burned. Haley called the next day and accepted before Isaiah could tell her the watercraft burned. When she found out about the fire, Haley told Isaiah that he had better come up with another watercraft, or she was going to sue. 83) Which of the following is correct regarding the final status of the negotiations between Isaiah and Yasmeen? A) Isaiah had made an offer but it was revoked because Yasmeen did not immediately accept it. B) No binding offer was ever made because an insufficient material term involving who would move the hot tub was omitted. C) Isaiah had made an offer which was still outstanding even though Yasmeen had made a counteroffer for $400. D) Isaiah had made an offer, and it was still outstanding because he did not revoke it before ending his initial conversation with Yasmeen in which she offered $400. E) Isaiah made an offer which was rejected by Yasmeen when she made a counteroffer for 84) Which of the following is correct regarding the final status of the negotiations between Donna and Isaiah? A) Donna cannot accept Isaiah’s offer because she did not do so in her initial conversation with Isaiah. B) Donna cannot accept Isaiah’s offer because it was revoked when he sold the hot tub to Paul. C) Donna did not reject Isaiah’s offer because she merely made an inquiry. D) Donna cannot accept Isaiah’s offer because he already sold the personal watercraft, and that terminated the offer to her. E) Donna rejected Isaiah’s offer by making a counteroffer. 85) What effect does the accidental destruction of the personal watercraft have on the deal between Isaiah and Haley? A) Isaiah is not in breach of contract because of destruction of the subject matter. B) Isaiah is in breach of contract and must pay Haley damages because she accepted before he could tell her about the fire. C) Isaiah is not in breach of contract because the offer was not sufficiently definite. D) Isaiah is in breach of contract and must purchase a similar watercraft to transfer to Haley. E) Isaiah is not in breach of contract because an insufficient material term involving who would move the watercraft was omitted. Â Â