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Mickey has never liked Nucky so he decides to play a practical joke on him through pretending to sell him his home in Cayman Islands.  He tells Torrio that he has no intention of selling Nucky the home. Mickey approaches Nucky in a bar where Nucky is clearly intoxicated.  The home is assessed at $10 million however he offers Nucky the home for $50,000. He winks and smiles at Nucky and Nucky admit and the two shake hands.  Nucky quits his job at Replay Baseball and moves to Cayman Islands where Mickey informs him which he never had any intention of selling him the home.  Nucky is moving furniture and trimming the hedges at the time.  Of course, Mickey never mentioned that he owned a second home in Cayman Islands which was recently destroyed in a hurricane.

A.  Discuss whether there is a valid offer and acceptance and, further, discuss whether there is an enforceable contract.  There are at least four issues here!

Nucky decides that he will construct a new home in Massachusetts with a large Jacuzzi.  He compiles specifications for the construction of home and sends it to various general contractors so they might provide bids/quotations.  Part of the general contract comprises a large plumbing sub contract.  Boardwalk Construction submits a bid to Nucky for $20 million to serve as the general contractor.  As part of its general bid, Boardwalk Construction factored $1 million for plumbing based on a sub bid submitted by Atlantic Plumbing.  There were two other bids for the plumbing work.  Boardwalk Construction and Atlantic Plumbing have a falling out and Atlantic Plumbing no longer wants to work on project.  The two other bids were for $10 million each respectively.

B.  Discuss whether Atlantic Plumbing may revoke its offer.  What are the competing arguments?  Are there any other important facts?

Boardwalk Construction is working on small renovation project for Capone at his home.  There is no written contract, however the two have orally agreed which Boardwalk will renovate Capone’s garage for $75,000.  The two have agreed that construction is to be completed in one month.  Two weeks later, Boardwalk approaches Capone and complains that the cost of nails has risen by 40% and that the cold weather has slowed the construction project.  Boardwalk and Capone agree to raise the contact by $5,000 and to extend the completion date by three weeks.  Each party agrees in writing to this change.  Upon completion of the project, Boardwalk sends Capone a bill for $80,000.

C.  How much does Capone have to pay?  What are the competing arguments?

Boardwalk Construction has provided Eli a quotation of $20,000 to give and install a high-end refrigerator.  Boardwalk has provided this quote in writing and has stated which the quote is valid for 30 days and that Boardwalk may not revoke its offer. The next day, several of Boardwalk’s employees quit. Boardwalk sends a fax to Eli attempting to cancel its offer. Two seconds after Boardwalk sends the fax, it receives a fax from Eli accepting the offer.

D.  Is there an agreement here?  What are the competing arguments?

Business Law & Ethics, Finance

  • Category:- Business Law & Ethics
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