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Question: Sammy Slurringly, owner of Sammy's Stereo Mart (a chain of electronics stores), takes John out for lunch to discuss a contract to purchase the headphones for sale in his stores. Sammy orders too many glasses of wine and gets his "wine goggles" on. John only has one glass of wine. Sammy Slurringly (pun intended) then asks John: "Okay, what's your bottom dollar price for 100,000 headphones?" John replies "$10 each." Sammy then signs a contract to purchase 100,000 headphones at $10 each. The next morning, Sammy sobers up and emails John telling him he has second thoughts and wants to rescind the contract.

(a) Advise John by explaining in detail as to any defense(s) that Sammy Slurringly may assert regarding the contract.

(b) Also discuss whether Sammy may rescind the contract

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Basic Finance, Finance

Category:- Basic Finance
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