A contract is basically an offer, followed by acceptance supported with adequate consideration. However, problems can arise in complex transactions such as the sale of real estate. Please respond to the following prompts:
Lucy told Jim her house is for sale for $252,000. Jim told Lucy he is very interested but wanted his wife to see it first. That evening, Jim’s wife drives by the home. She calls Jim and says she loves the house-but there is a sold sign on the front lawn. Jim calls Lucy and says, “I accept.”
- What are the issues relevant to this problem?