Question: On Monday, Mr. Jacob told Mr. Frank that he wants to sell his decent car, BMW X6, to him at the cost of Tshs.

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Question On Monday Mr Jacob Told Mr Frank That He Wants To Sell His Decent Car Bmw X6 To Him At The Cost Of Tshs 1 (33.13 KiB) Viewed 46 times

Question: On Monday, Mr. Jacob told Mr. Frank that he wants to sell his decent car, BMW X6, to him at the cost of Tshs. 300 million. Mr. Frank replied that he likes the car and he is interested to buy it, but he has to discuss with his wife first. Mr. Jacob said, "I will assume that you want it, unless you tell me otherwise by Saturday". On Friday, Mr. Frank met Mr. Marco who told him that Mr. Jacob has just agreed to sell the car to Mr. Marco for Tshis. 310 million. Mr. Frank who has decided to buy the said car put a letter in the post accepting Mr. Jacob's offer. Later on that day, however, he changed his mind, and called on Mr. Jacob to tell him to ignore the letter. Mr. Jacob told him that his deal with Mr. Marco has fallen through and that he is still keen to sell to him (Mr. Frank). Explain whether there is a valid contract between Mr. Jacob and Mr. Frank, both under common law and under the Law of Contract Act (Cap 345 R.E. 2002). (20 marks)