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Business Law Fraud

In: Business and Management

Submitted By sheria
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a) From the information given a contract is necessary because according to the Statute of Fraud it states that sale of goods priced at five hundred dollars or more. This type of contract needs to be a writing or memorandum and signed. The essential terms of this writing are quantity, signed by party to be charged, name of parties, subject matter, and consideration. In this scenario there was a contract offer because Garvey had written offers for the Porpoise to Caldwell but we are not sure if Garvey met all the requirements of the Statute of Fraud law and then five days later he informed Caldwell that he is going to sell Porpoise to Montgomery someone totally different. Also it does not mention anywhere that Caldwell signed any contract and sent back to Garvey to prove his acceptance, so that is why I say there is no contract in this situation. b) According to the facts given a contract is necessary in this situation because according to the Statute of Fraud any goods priced at five hundred dollars or more needs to be a writing or memorandum and signed. This writing needs to include the quantity, signed by party being charged, name of parties, subject matter, and consideration. This applies to this situation because Priscilla is for $4200 which is way more than five hundred dollars. Garvey did offer a contract because he mailed a written offer but we are not sure if he completed all the requirements from the Statute of Fraud. However this is a tough situation because Meens mailed a rejection and also sent a telegram which would be received written or printed form. The situation is complicated because Garvey receives the acceptance first and then the rejection. So which one counts? The acceptance is a contract because it is written and signed by Meens; but the rejection is not a contract because a rejection does not require signature.…...

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