On March 1, 1962, the Clay Products Company wrote Potter offering to supply up to five...

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On March 1, 1962, the Clay Products Company wrote Potter offering to supply up to five million bricks at the rate of $128 per thousand, and expressly agreeing to keep the offer open until May 1. On April 1 the Clay Products Company wrote Potter withdrawing their proposition, and Potter received this letter on April 2. On April 3 Potter wrote the Clay Products Company stating that he accepted their proposition and renouncing their attempt to withdraw the offer, in as much as they had given Potter two months in which to accept. When called upon to deliver the bricks, Clay Products Company refused to do so and Potter sued. (a) Decide and explain, assuming the case is not governed by statute. (b) Would your answer remain the same if the transaction is governed by the Uniform Commercial Code? Explain. On March 1, 1962, the Clay Products Company wrote Potter offering to supply up to five million bricks at the rate of $128 per thousand, and expressly agreeing to keep the offer open until May 1. On April 1 the Clay Products Company wrote Potter withdrawing their proposition, and Potter received this letter on April 2. On April 3 Potter wrote the Clay Products Company stating that he accepted their proposition and renouncing their attempt to withdraw the offer, in as much as they had given Potter two months in which to accept. When called upon to deliver the bricks, Clay Products Company refused to do so and Potter sued. (a) Decide and explain, assuming the case is not governed by statute. (b) Would your answer remain the same if the transaction is governed by the Uniform Commercial Code? Explain.

Answer rating: 100% (QA)

a Assuming the case is not governed by statute In this case there is a valid contract formed between Clay Products Company and Potter The Clay Product... View the full answer