Business Law Essay Example | Topics and Well Written Essays - 500 words - 8

Business Law - Essay Example The offer letter was also duly signed by Jennings, further confirming his intention to offer the car for sale to Wheeler. The offer letter, sent by any means like post or through personal delivery, was duly received by Wheeler and this fact is confirmed by his subsequent action, viz., to accept the offer and tendering the sale price of $13,500 on 29 September. Thus Jennings’ letter of September 1 to Wheeler is a valid offer on the date of its acceptance by Wheeler. This offer was not withdrawn or amended by Jennings before Wheeler communicated his acceptance. Wheeler responded to the offer letter by accepting it on 29 September and tendering the sale price. The date of acceptance is well within the validity period of the offer viz., October 9. However, it is seen that till September 15, there was no communication from Wheeler to Jennings and this period of silence can be construed as a fair and reasonable period of waiting for Jennings to decide on his next course of action if he thought that Wheeler may not be interested in the offer. However, since no consideration was exchanged between the two parties, Jennings was free to revoke his offer at any time. The options available for Jennings as on September 15 are a) to wait for Wheeler’s response till the expiry of the validity period of the offer or, b) to withdraw his offer (rescind or revoke) and to sell off the item to another person. Waiting for Wheeler’s response till October 9 would have given unilateral freedom of action to Jennings since the validity of the offer expires on that date. In case Jennings was in a position to make the sale by an earlier date, he could do so but he should have first withdrawn his offer to Wheeler on the grounds that a) he received no consideration and that b) he had waited for a reasonable time period viz. up to September 15 to hear Wheeler’s response. His action to dispose off the car without withdrawing the offer made to Wheeler