1. Sharon, a newly engaged woman, saw an advertisement in a bridal magazine for a beautiful pearl necklace priced at $69.99 from Precious Jewelry. She thought the necklace would be a wonderful present for her bridesmaids, so she ordered 5 necklaces from Precious Jewelry. After a few weeks, Sharon received a letter, along with her returned check from Precious Jewelry. The letter stated that the jeweler was sorry they could not fill her order because they had been overwhelmed with so many requests that their supply of necklaces ran out very quickly. a. List the 3 elements of an offer and describe each (in your own words).
b. Did Precious Jewelry make an offer when they placed the ad in the magazine? Did Sharon make an offer when she placed the order? Why or why not?
c. What will be the likely outcome if Sharon sues Precious Jewelry to force them to fill her order? Explain your answer.

a. The three elements which make an offer valid are communication, commitment, and definite terms.  The communication of an offer happens between the offeror and the offeree and not with the general public, as depicted by the ad.  Commitment in an offer requires that Sharon and Precious Jewelry are identified as the involved parties and are committed to enter a valid contract.  Definite terms require no ambiguity.

b. Precious Jewelry did not make an offer when it placed the ad in the magazine.  The ad was an invitation to treat.  Sharon initiated the offer when she ordered for the jewelries.  At this point, Precious Jewelry could accept or reject the offer, depending on its capacity.

c. If Sharon sues Precious Jewelry to force it to fill her order, she does not have the good standing required to enforce specific performance of a contract because there is no basis for the existence of a contract between her and Precious Jewelry.  Moreover, Sharon’s offer was never accepted by Precious Jewelry and there was no consideration.

Explanation:

A valid contract will exist between Sharon and Precious Jewelry when the five elements of a contract are present.  These include valid offer, acceptance, mutual consent (or assent), consideration, and legality (including the capacity of the contracting parties).

answer; i believe that the correct answer is ; (a) customer demand for the

month 1 start amount =$3287.90 interest=(3287.90x0.0145/12)3.97 total to pay=$3291.81 paid =$1200 balance =$2,091.87

month 2 starting amount= $2,091.87 interest =$25.28 total to pay =$2117.15 paid =$1200 balance $917.15

month 3 starting amount =$917.15 interest =$11.08 total to pay =$928.23 paid =$928.23 balance =$0 total to pay 1200+1200+928.23 = $3328.23 it will take 3 months to pay a total of $3328.23