Offer 1. Bert's computer, worth $2,000, goes down for the third time in as many days. He says to his roommate, Ernie, "I'd sell this hunk of junk for $5!" The next day, Ernie gives Bert $5 and expects Bert to give him the computer. Is there an offer? Why or why not? 2. Suzy says to her friend Joe, "I think I'll buy a Honda Accord for $10,000." Joe happens to have a Honda Accord and says "Sold!" Is there an offer? Why or why not? Common Law Acceptance 1. A customer asks a carpenter to build a cabinet for $1,000. The carpenter replies, "OK, I will build the cabinet." Why does this transaction fall under common law? Does this acceptance meet the mirror image rule? Why or why not? 2. A customer asks a carpenter to build a cabinet for $1,000. The carpenter replies, "OK, I will build the cabinet if you also pay for my supplies." Is there an acceptance? Mutual Assent 1. Mary needs a car. She found a used one she is interested in and contacted Joe, the seller, to see the car in person. After taking a test drive, Mary offers Joe $5,000 for the car. Joe accepts the offer and provides Mary with the keys and title to the car. What is the offer? What is the acceptance? Is there a meeting of the minds (mutual assent)? Why or why not? 2. Randy advertises a reward if anyone will return his lost dog. Maria finds the dog, and without knowing about the reward, returns the dog. Does Randy have a contractual obligation to pay Maria the reward? Why or why not? Consideration 1. Brittney agrees to sell her car to Bill for $1,000. What is the consideration for each party? 2. Jennifer signs a 12-month lease (contract) at an apartment complex. What is the consideration for each party?