A voidable contractMultiple ChoiceOAllows the parties to enforce it if they wishDoes not permit enforcement because it does not existDoes not exist from the outsetIs valid only if there is consent between the parties

Contracts are legally binding agreements that require the consent of all parties involved. However,…

Answered: A voidable contract Multiple Choice O O…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Mary, a keen pottery collector, saw a notice for an auction at James Pottery Limited on September 30th 2017 in the Daily News. She traveled 300 kilometers to attend the auction in order to bid for a particularly rare item of Mozart pottery, specifically mentioned in the list of items to be auctioned. However, when she got to the auction site she found a notice outside, stating that the auction had been canceled. Mary went into a nearby antique shop and saw an item of the same type of pottery she had come to bid for, which the price ticket stated $5000. Mary indicated to the shop owner, Anthony, that she was only willing to pay $4,000 for it. However, Anthony said he would sell it for $4,500. Mary then indicated to him that she would like time to think about it over lunch; Anthony thereafter, agreed not to sell it before Mary returned. However, when Mary returned to buy the pottery, she found that Anthony had already sold it to someone else, who had paid $4500 for it. In the context…
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A voidable contract Multiple Choice O O O Allows the parties to enforce it if they wish Does not permit enforcement because it does not exist Does not exist from the outset Is valid only if there is consent between the parties.