【正文】
your bank approves the $10,000 purchase. On the same date, ABC sends you a letter revoking its offer. The letter of revocation is received at your bank at 11∶ 15 . on May 19. On May 19 at11∶ 00 ., you send ABC the following telegram: “Accept your offer for $10,000.” Because of a delay by the telegraph pany, this massage is not delivered until May 21. (a) Discuss the legal effects of ABC’s revocation sent on May 15. (b) Discuss fully the legal effects of your response sent on May 12. (c) Does your bank have a contract since the telegram was not delivered until, May 21? 11. On May 1, Dragon Realty Company offered to sell Lot 1 to Tongzhou, Inc. for ¥ 1,000,000. The offer was made by and stated that the offer would expire on May 15. Tongzhou decided to purchase the property and sent a registered letter to Dragon on May 10, accepting the offer. Due to unexplained delays in the postal service the letter was not received by Dragon until May 22. Dragon wishes to sell Lot 1 to another buyer, who is offering ¥ 1,200,000 for the tract of land. Has a contract resulted between Tongzhou and Dragon? 12. A plaintiff is attempting to recover death benefits under a life insurance policy. The policy contained a provision that allowed the policy owner to terminate the policy and receive its socalled cash value. All that the pany required was a written request received at the home office. The owner of the policy died after having sent a letter requesting the cash value of the policy (which was much less than the face value). The letter was received after the policy owner died. The representative of the deceased owner contented that the estate was entitled to the death benefits of the life insurance policy. What was the result? 13. James sent invitations to a number of potential buyers to submit bids for some timber he wanted to sell. Two bids were received as a result, the higher one being that submitted by Eames. James changed his mind about selling the timber, however, and did not accept Eames’ bid. Eames claimed that a contract for sale existed and sued James for breach. Did a contract exist? Discuss. 14. On July 31, 1996, Lee Calan Impo