we need to complete the requirements in the attachment
the lectures also attached
Individual Assignment 1
BUS 220: Business Law & Ethics
Semester: Online Summer 2020
Formation of contracts: Offer and Acceptance
Individual Assignment description:
This assignment is individual and should be submitted on Moodle – A maximum of 500
words (single space).
Students are expected to read the below cases and answer the below related questions:
Phiby mailed Pen an offer to buy his summer house with definite and certain terms and that
was legal in all respects stating that it was good for 13 days. Three days later she sent Pen a
letter by certified mail (time stamped by the Postal Service at 2:15 P.M.) stating that the
original offer was revoked. That evening Pen e-mailed acceptance of the offer to Phiby. She
immediately phoned him to tell him that she had revoked the offer that afternoon, and that
he would surely receive it in tomorrow’s mail.
1- Is Phiby’s revocation offer effective? Please explain your answer considering the
revocation’s conditions. (60 marks)
2- Decide if Phiby and Pen have a legally binding agreement in this case. (10 marks)
On October 28, Dan sent Ben a letter offering to sell Ben a yacht for $ 250,000. On
November 2, Ben replied by mail agreeing to buy the yacht for $250,000 if Dan would provide
the yacht fully furnished. Dan did not reply to Ben.
1- Do Dan and Ben have a binding contract? Please explain your answer considering the
acceptance standards under contract law (30 marks)