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question
Two law students were having lunch one afternoon when the first student said to the second, "I'm thinking of selling my car. " The second student replied, "I might be interested in buying your car if the price is reasonable and I can convince my parents to float me a loan. " The first student then grabbed a piece of paper and wrote the following on it:"I will sell you my car for 1 received this day, I agree that you can have one month from today's date to decide whether to accept this offer. "The first student then signed the paper and handed it to the second student. The second student handed a one dollar bill to the first student and left. One week later, the second student succeeded in obtaining a $1,000 loan from his parents. He then telephoned the first student to accept the offer. Upon hearing the second student say hello, and before the second student could accept the offer, the first student said, "I've changed my mind. I do not want to sell my car. "Can the second student still accept the first student's offer?
Plain-text mathematical notation (without MathML)
Two law students were having lunch one afternoon when the first student said to the second, "I'm thinking of selling my car. " The second student replied, "I might be interested in buying your car if the price is reasonable and I can convince my parents to float me a loan. " The first student then grabbed a piece of paper and wrote the following on it:"I will sell you my car for 1,000.Inexchangefor1 received this day, I agree that you can have one month from today's date to decide whether to accept this offer. "The first student then signed the paper and handed it to the second student. The second student handed a one dollar bill to the first student and left. One week later, the second student succeeded in obtaining a $1,000 loan from his parents. He then telephoned the first student to accept the offer. Upon hearing the second student say hello, and before the second student could accept the offer, the first student said, "I've changed my mind. I do not want to sell my car. "Can the second student still accept the first student's offer?
Original LaTeX notation
Two law students were having lunch one afternoon when the first student said to the second, "I'm thinking of selling my car. " The second student replied, "I might be interested in buying your car if the price is reasonable and I can convince my parents to float me a loan. " The first student then grabbed a piece of paper and wrote the following on it:"I will sell you my car for $1,000. In exchange for $1 received this day, I agree that you can have one month from today's date to decide whether to accept this offer. "The first student then signed the paper and handed it to the second student. The second student handed a one dollar bill to the first student and left. One week later, the second student succeeded in obtaining a $1,000 loan from his parents. He then telephoned the first student to accept the offer. Upon hearing the second student say hello, and before the second student could accept the offer, the first student said, "I've changed my mind. I do not want to sell my car. "Can the second student still accept the first student's offer?
choices
- No, because $1 is inadequate consideration.
- No, because the first student's statement was unequivocal notice that he no longer wished to contract with the second student.
- Yes, because the first student's letter formed a valid option.
- Yes, based on the principal of promissory estoppel.
subject
professional_law
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