On January 10, 2010, John received an offer in the mail from Bob to buy john's 2008 Aston Martin for $150,000. On January 12,2010 John agreed in writing to the purchase price and that same day put the acceptance letter in the mailbox which was post marked that same day. On January 14, and prior to the delivery of the letter to Bob, John calls him on the phone and asked Bob if he received his letter of January 12, 2010. Bob replied that he had not at which time john told him he was rejecting the offer and would only accept $160,000 for his Aston Martin.
Bob agrees to purchase the Aston martin for $160,000. On January 15,2010 Bob receives john 's acceptance letter of January 12. Bob immediately calls john and tells him that they have a binding contract for the sale of the Aston Martin for $150,000. John disagrees and tells Bob that they have a binding contract for the sale of the Aston martin for $160,000.
John is from New York
Bob is from Florida
Both John and Bob have property in both state
What are john's option????
What are bob's option???
What are his damages???
What is Bob going to File???
Any defense of Bob????
Conclusion who you think will prevail and why??
Answer
Sounds like a law school exam question. Based on the understood facts, John is not required to accept the first offer. Bob can purchase for 160,000 but facts don't indicate his 160k bid was in writing. Advice: John or Bob should not initiate legal action but both should discuss the issue reasonably. Time and the difference in offer and purchase price make legal action a non-winner.
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