On July 1, Stan, a steel manufacturer, telephoned Byron and offered to sell Byron six carloads of
Question:
On July 1, Stan, a steel manufacturer, telephoned Byron and offered to sell Byron six carloads of steel at $600 a ton. Byron said, That’s a lot of steel! Would you promise to keep your offer open for 10 days so that I can think about whether I can use that much? Stan replied, Sure. I promise to keep the offer open for 10 days.
On July 6, Stan sent a letter to Byron that stated, I hereby revoke my offer of July
Byron received this letter on July 7.
On July 8, Byron called Stan and said that he was accepting Stan’s offer of July 1. Stan refused to deliver the steel, claiming that he had validly revoked the offer.
In an action by Byron against Stan for breach of contract, judgment for whom?
Explain (decision, issue, legal principle and analysis)
Expert Answer:
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
