Legal Environment of Business, Contract Problem?
Question by Rojo: Legal Environment of Business, Contract Problem?
I have a contract problem that I am confused about at the beginning.It starts off between Mark and Bonnie at a group mixer. Mark asked Bonnie to sell him the right to use a recipe. Mark said he would like to sell the recipe to a food distributor. Bonnie replied to Mark’s initial inquiry: “Considering all the work I have put into perfecting the recipe, I’d expect to receive $ 22,500 for you to have the exclusive right to the recipe.” Mark said, “I will seriously think your offer over and let you know within 72 hours.” Two days later, Mark called Bonnie to ask whether she could meet with him. When they met, Mark immediately told Bonnie that he accepted the $ 22,500 offer she made at the apartment mixer.
Is there a contract formed here, and if so why? Case is similar to Richards v. Flowers, but it isn’t the same.
Best answer:
Answer by dirtbag #1
Yes that is a binding verbal contract.
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