wes, who is an art collector, offered to buy a print from le monde gallery. le monde balked at the price, sending wes a letter of rejection. that day it discovered that the print was not as highly valued as originally thought. le monde immediately telephoned wes to accept his offer. is there a contract?

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01-12-2022
Business

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wes, who is an art collector, offered to buy a print from le monde gallery. le monde balked at the price, sending wes a letter of rejection. that day it discovered that the print was not as highly valued as originally thought. le monde immediately telephoned wes to accept his offer. is there a contract?

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contexto38 contexto38 · Answer 1 · 2022-12-05T23:41:59-05:00

He learned that day that the print wasn't as valuable as he had first believed. Le Monde contacted Wes right away to accept their offer. Because acceptance happened before rejection, there is a contract.

An agreement between parties that creates a legally binding obligation on each other is known as a contract. Legal offer and acceptance, the consent of both parties as demonstrated by appropriate consideration, competence and legality, and the consent of both parties are fundamental requirements for an agreement to be reached. becomes a legally binding contract.

The main function of a contract is to formally establish new relationships and to impose a variety of legal obligations that each party has to the other. Today, companies rather than individuals negotiate most contracts.

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