The Sale of Jack’s Restaurant Exercise Week 3: Watch the video exercise 10.2 Jack’s Restaurant, which is fairly representative of how commercial contracts are formed. Consider carefully the conversation between Jack, Sophia, and Hal. Provide your analysis and support in response to the following:
Scenario One: Suppose that Jack and Sophia and Hal enter into an agreement for the sale of the business without the non-competition agreement. Jack states that he would probably sign the non-competition agreement if they included an extra $100,000. A month later, Hal and Sophia bring Jack $100,000. What is the result? Why?
Scenario Two: Suppose at the end of the meeting that Jack agrees to offer the restaurant buyout, including the non-competition agreement. Prior to Jack and Sophia agreeing to the offer, however, Jack changes his mind. Can he do so? Why or why not?
Scenario Three: Suppose that Jack makes an offer to sell the restaurant on July 10th. Hal and Sophia decide to think it over. On July 15th they mail a letter of acceptance to Jack. On July 16th Hal and Sophia change their mind and call Jack stating that they did not want to purchase the business. On July 20th, Jack receives the letter of acceptance. Would there be a valid contract? Why or why not
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