Would your answer be different if Simon Smart had emailed the letter of revocation on May 6 at…

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ASSIGNMENT QUESTION On May 4, 2020, Simon Smart mailed to Carl Clever a written offer to sell ten (10) shares of an unlisted stock at $60 per share. The letter stated that Carl had four (4) days from the date of the letter to accept this offer. The offer was received by Carl at 2 p.m. on May 6. At 3 p.m. on May 6, Carl mailed a letter to Simon that stated in part: “…will purchase ten shares at $55 per share…” Earlier that day, at 11 a.m. on May 6, Simon had sold all the shares to Barry Bright for $65 per share and at 12 p.m. on May 6, had mailed a letter to Carl revoking his offer. Carl, who was unaware of Simon’s activity, learnt at 4 p.m. on May 6 that the market price of the shares might increase. At 5 p.m. on the same day Carl sent a phone text message to Simon (which Simon received immediately) to “disregard letter dated May 6…will take offered stock for $60 per share.” Simon received Carl’s letter of May 6 at 2 p.m. on May 8. Carl also received Simon’s letter of May 6 at 2 p.m. on May 8. Carl claims that he has a contract with Simon for the purchase of the unlisted stock. Is this claim correct? A. Identify the legal consequences of all communications with reference to decided cases and advise Carl of his contractual position with Simon. B. Would your answer be different if Simon Smart had emailed the letter of revocation on May 6 at 12 p.m.

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