Larson lexus a new car dealer runs the following newspaper, Ask an Expert

Management Studies

Larson Lexus, a new car dealer, runs the following newspaper ad during the fall of 2005. “Three 2004 Lexus LS 400s must go! $55,000 each! The first three customers who arrive at our dealership on Saturday, October 8th with this ad can buy one of these cars for $55,000.” Knowing that this is a great price for this car, Mike is the first customer to appear at the Larson lot on Saturday, October 8th. He hands the ad to the Larson salesman and says that he’d like to buy one of the LS-400s for $55,000. Is the dealership contractually bound to sell Mike the car at that price? Define the legal issue and make an argument that there was a contract and make an argument that there was not a contract.

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