Hi I've been of University for a few week due to family and my own personal health problems, its my first year in University and my first Assignment. The assignment I have been giving is about contract law I am REALLY confused on how to start this assignment off and the main points to include and help will be highly appreciate. The assignment I have been giving is below. Thank you
Rose owns a small but rather valuable gold bracelet which, in light of the present upturn in gold trading prices, she decides she wishes to sell. To get the best price she can, she decides to place an advertisement in her local trade newspaper. This advertisement, which is published on Tuesday 1st October, states:
For Sale; One lucky charm bracelet. 24 Carat Gold. Weight approximately 14 ounces. Mint condition. Will accept £1000. Call 0123 456 789 for more details.
At 2pm on Tuesday, Mickey buys the newspaper and sees the advertisement. He immediately calls the number stated but finds that Rose is not home, so he leaves a message on her answer machine stating "I accept your offer and will pay £1000. Please call me back to discuss delivery". Unbeknown to Mickey, Rose's answer machine has run out of digital memory and the message is not recorded so that Rose, in fact, never receives it.
At 4.30pm on Tuesday, Jack also sees the advertisement. His wedding anniversary is on the 10th October and he decides that the bracelet would make an excellent present for his wife, so he calls the number and speaks to Rose. He asks Rose "would you be able to accept £950 in cash for the bracelet or is £1000 your lowest price?". Rose tells Jack "I can't accept any less than £1000 I'm afraid" so Jack tells Rose that he will "think about it" and "get back to her" before taking Rose's email address and ending the call.
By Friday 4th October, Rose has not received any further telephone call from Jack and so she decides to put her bracelet into an auction. When she speaks to the auctioneer, Sarah-Jane, she decides that she will not put a reserve on her bracelet as she is now quite eager to sell.
The auction is scheduled for 10.20am on Monday morning, however, Rose is at work on that day so she cannot attend the auction house personally. Whilst at work, at exactly 10.15am, she opens her email and finds an email from Jack, sent on Friday 4th October at 4.10pm, stating "I have thought about our discussion and have decided that I would like to buy the bracelet for your asking price of £1000." Rose is very pleased until she remembers, some ten minutes later, about the auction that is about to take place. She immediately telephones Sarah-Jane, stating "The sale is OFF! I have already sold the bracelet!". This is bad news for Sarah-Jane, who tells Rose that an auction took place as scheduled at 10.20am and that there were two bidders competing for the bracelet; Martha and Donna. Sarah-Jane then confirms that the last bid was made by Martha, who bid £800 (which was £50 more than Donna's final bid), and so the lot was 'sold' to Martha.
With reference only to the law of Offer and Acceptance, advise Rose as to with whom, if anyone, she may have concluded a binding contractual agreement for the sale of her bracelet.