Hello, ok I need help understanding if this forms a contract.

Freaking law class, Anyways help is appreciated

Lets say on July 1 I mail Jack offering to sell 1,000 pounds of shrimp for $10.00 per pound shipping and handling included, and give them until July 14th at 5:00 pm to accept or decline.

Jack receives it at 2:00 PM and at 3 PM the same day he sends me a letter saying that he would buy 500 pounds of shrimp for $8.00 per pound. Provided that i ship it no later than August 1st.

On July 7th I write a letter to Jack revoking the offer and later that day I sell all 1,000 pounds for $12.00 per pound to another buyer.

On July 8th most shrimp were wiped out by a disaster and the market price increases by 100%. So Jack not knowing if I had received his July 5th letter ( I had not ) and not knowing that I had sold it to someone else, Hack immediately faxed a letter to me asking me to disregard his earlier letter and stating that he would purchase 500 pounds for $10.00 per pound. Later that day I receive his fax and return one informing him that I had revoked my offer and had already sold it all. Jack received my July 7th letter at 3:00pm on July 8th and I received his July 5th letter at 4:00PM on July 8th.

Does this form a contract obligating Me to sell Jack 500 pounds of shrimp?

If so, why?

was it because the offer I made him was firm until 5:00PM July14th

or was it because Jack accepted my offer before I sold the shrimp and attempted to revoke my offer

 

Bump cmon guys I really need this soon.

 

it's 4:38AM on the east coast. i truly wish you the best of luck. i know how it goes...

 

Yea Im shit out of luck Thanks , lets hope my guess is good

 

You should both be sent to prison for doing business by letter.

I'm not a lawyer but i deal with media contracts all day. You offered and he counter offered. I don't see where you accepted his counter offer. You don't say what day jack counter offers, you just give a time.

 

in most cases i'd be doubtful there is proof of a contract, because there is no consideration.

however, when a retailer puts an offer in writing and states that the offer is valid until a specific time....yeah you might have a contract on your hands.

 

http://en.wikipedia.org/wiki/Contract

 

if i recall my business law class, as soon as you make a counter offer that voids the original offer...

 

but even if he made a counter offer, he has still made an offer to sell at a certain price...although if the counter offer wasn't accepted, then i suppose there's no agreement. you should be clear