Case 2 Contract Management

Case 2 Contract Management

The case study is from Chapter 8, Case #1, page 188.  Case analyses are expected to show critical thinking and be adequately supported with at least three (3) correctly cited references and in-text citations to support your thoughts.  One of these references may be the textbook. Each paper should include a synopsis of the issue at hand and an analysis of what should happen next for the particular situation. Each paper will be written using APA format and be at least 1-2 double-spaced pages (not including cover sheet, references, etc). The analysis should be in Word, PDF, or RTF format.

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An advertisement appeared in the Chicago Sun-Times for the sale of a Volvo station wagon at Lee Calan Imports, Inc., for $1,095. The advertisement had been misprinted by the Sun-Times. The actual price of the automobile was $1,795. O’Keefe showed up at Lee Calan and said he would buy the Volvo for $1,095. Lee Calan refused to sell the car for $1,095. O’Keefe sued, claiming that the advertisement was an offer that he accepted, creating a binding agreement. Was O’Keefe correct? Explain. O’Keefe v. Lee Calan Imports, 262 N.E.2d 758 (IL).

Advertisement was willingness to offer and not an agreement. More so, no consideration has been acted between the two parties. Thus no binding agreement between the two. The advertisement is always indicative and just a willingness to offer a certain product. The agreement is not binding unless there is consideration between the two parties. The agreement thus will not bind the seller to sell at misquoted price in the advertisement.