Cane, the sole owner of a small business, has a large piece of used farm equipment for sale. He offers to sell the equipment to Bill for $10,000.
- Discuss the legal effects of any two (2) of the following events on the offer:Use the Internet to research the law in your home state on the purchase of personal property. Discuss the law in your home state, and compare and contrast it with the Statute of Frauds.
- Cane dies prior to Bill’s acceptance, and at the time he accepts, Bill is unaware of Cane’s death.
- The night before Bill accepts, a fire destroys the equipment.
- Bill pays $100 for a thirty-day option to purchase the equipment. During the period, Cane dies, and Bill accepts the offer, knowing of Cane’s death.
- Bill pays $100 for a thirty-day option to purchase the equipment. During this period, Bill dies, and Bill’s estate accepts Cane’s offer within the stipulated time period.
- Assume that for one of the events you selected, the negotiation of the contract occurred online. Explain how cyber-law would affect the negotiation of the contract.