BUSINESS LAW $($EAS$207)$ ASSIGNMENT

Note: This assignment would serve as a make$-$up for students who missed the mid$-$term exams. In other words, if you sat for the midterm exam, you are not allowed to participate in this assignment. It would contribute $20\%$ of the final grade.

Kindly answer all following questions:

Short answer question $(2$ marks each$)$

Explain the acceptance postal rule?

What does acceptance mean?

Define the mirror$-$image rule of contractual formation.

If a number of counter$-$offers are made during precontractual negotiations and a contract is formed eventually, will this contract be formed on the terms of the original offer? Explain.

If the offeror indicates a specific method of acceptance within his offer, will he only be bound by acceptance using that method?

What are the different consequences of a counter$-$offer and a mere request for information?

Problem Question $(8$ mark $)$

On Monday, Lindsay offers to sell Mia some silver jewelry by sending her a letter. On Thursday, Mia receives Lindsay's offer and immediately posts back her acceptance. By the time Mia's acceptance arrives, Lindsay assumes that her offer has not been accepted and sells the jewelry to Kelly. Does Mia have a cause of action against Lindsay? Explain.

Kindly answer all following questions:

Short answer question $(2$ marks each$)$

Explain the acceptance postal rule?

What does acceptance mean?

Define the mirror$-$image rule of contractual formation.

If a number of counter$-$offers are made during precontractual negotiations and a contract is formed eventually, will this contract be formed on the terms of the original offer? Explain.

If the offeror indicates a specific method of acceptance within his offer, will he only be bound by acceptance using that method?

What are the different consequences of a counter$-$offer and a mere request for information?