Business Question

Learning Goal: I’m working on a business question and need guidance to help me learn.

Assignment 1

Bernie lives in Richmond, VA. On February 1, he puts an ad in his local newspaper, advertising his 2006 Ford Fusion for sale for a $13,500 asking price. After waiting for a few weeks with no offers, on March 1, Vivian calls him and offers to purchase the vehicle for $12,000.

Bernie is a bit disappointed by the lack of interest and by Vivian’s low offer, but he realizes that there might not be much better offers waiting for him. He invites Vivian to meet on March 5 to complete the negotiation and transaction.

When Vivian shows up at Bernie’s house on March 10, she tells Bernie, after some negotiation, that she’s willing to pay $12,500 for the car; but that she needs another three weeks to raise the money. Bernie agrees to wait, but only if Vivian will put down a deposit of $1,000. Vivian agrees, and Bernie hastily drafts a one page agreement.

Because Bernie wants to keep his options open in case he gets a better offer, he puts the following language into the agreement:

Bernie agrees to sell his 2006 Ford Fusion to Vivian for $12,500 and Vivian agrees to purchase the same for such price. The transaction shall take place no later than March 31.

In the event that the seller breaches this agreement, the seller must refund the purchaser’s deposit, but the parties shall be limited to this remedy and only this remedy.

In the event that the buyer breaches this agreement, the seller may keep the buyer’s deposit, but the seller shall be limited to this remedy and only this remedy.

Vivian reads and signs the agreement and gives Bernie a check for $1,000.

However, two weeks later, Vivian realizes that she’s not going to come up with the $12,500 to pay for the car. So, on March 24, she calls Bernie to tell him that she’s pulling out of the deal. Bernie says, “Fine, but I’m keeping the deposit in accordance with our agreement.”

Vivian sues for her $1,000 deposit back, claiming that there was no mutuality of consideration for the agreement and that the contract was therefore void.

Under applicable law, is Vivian correct or may Bernie keep the deposit?

Please write an essay/memo answering this question. An IRAC-style essay is appropriate and expected for this assignment.

Essay Helper
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.