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Business Law Foundation: Analyzing a Scenario Using the Business Law ILAC Method

Utilizing The Business Law Ilac Method, Read And Analyze The Following Scenario. Ming owned a boat that was highly admired by Lee. On the 20th of April, she wrote a letter to Lee offering to sell the boat to her for a price of $10,000. Ming received the letter the very next day, on receipt of which she immediately contacted Ming over the phone to disclose her admiration for the boat and asked to ask her to hold the boat for her for a week, considering she needed time to think about it, to which Ming agreed. Before the expiration of the week, Lee contacted Ming again expressing her acceptance to Ming’s offer and told her that she would bring her payment for the boat the very next day. Ming however explained that she had sold the boat to Cheery, earlier that day. This news got Lee infuriated. She demanded for Ming to procure the boat from Cherry and subsequently sell it to her. Does there exist between Ming and Lee, any enforceable contract? Please shed light on the scenario utilizing the principles of Contract Law, Business Law Ilac Method, and relevant case studies.

Subject Name: Law

Level: Undergraduate

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