Ifferences between written and verbal contracts
Wimpy offers to sell Bluto a boat for $500. Bluto replies, a?I think I want the boat, but let me have a week to consider.a? Wimpy replies, a?OK. I wonat sell the boat to anyone until after one week from today.a? The next day, Wimpy sells the boat to Popeye for $600. The day after, Wimpy tells Bluto he already sold the boat. Nevertheless, Bluto tenders $500.
a. Is Wimpy contractually liable to Bluto?
b. Would your answer change if Wimpy were a merchant and his promise not to sell for a week was in writing?
I am using the Business Law 1 3rd edition textbook by the following three authors James Morgan, Peter Shedd, and Robert Corley
I need clear examples of legal detriment (who it belonged to and whom it did not), an explanation of the elements of a bargain, and the Illusory promises, as this was an illusory promise created by the buyer to the owner of the problem.