Business Law.

Common Law Assignment
Use IRAC method to answer the questions and it is essential that you cite relevant cases wherever possible to support your reasoning in answer.
Note: You are NOT required to discuss legislation at all.
1500 words
Your work must be appropriately referenced, using footnotes. Where you state a legal principle, which comes from a case, you must provide a citation to the relevant case. If you are stating a legal principle that is covered in the textbook and which does not have a relevant case provided in the textbook, you should cite the textbook.

Case 1
Valerie spots a rosewood bookcase in an antique shop owned by Jim and Belinda, which has a price tag of $4000. Valerie approaches Jim and tells him that she will take the bookcase for $2000. Jim says that it isn’t possible but how about $3000? Valerie says no, how about $2,500? Jim says no again, and he tells Valerie that his lowest price is $3000. Valerie does not reply that she will accept the bookcase for $3000 and she steps away from Jim to take a call on her mobile phone. While Valerie is talking on her mobile phone, Jim turns to serve another customer Isabella. After finish talking on her mobile phone, Valerie then turns to pay for the bookcase, but Jim says he has already sold it to Isabella for $4000. Valerie is furious and says that she and Jim had a contract, and the bookcase was hers.
As between Valerie and Jim, who made the offer? (4 marks)

As between Valerie and Jim, who accepted the offer and was the acceptance valid? (3 marks)


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