At 9 am jennifer makes an offer to theresa to sell to her, Ask an Expert

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At 9 AM, Jennifer makes an offer to Theresa to sell to her own (Jennifer's) boat for $54,000. Theresa is unsure, so Jennifer includes in her offer to sell her boat that she will not revoke her deal until 3 PM that day. “This offer is binding,” she says. However at 1 PM, Jennifer sells the boat to Mitch. Mitch calls Theresa at 1:20 PM and states he bought Jennifer’s yacht At 2:30 PM, Theresa approaches Jennifer with the $54000 and accepts the irrevocable offer. What must Jennifer do? Also, explain why in these circumstances there is no option contract.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92359784

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