question archive Farmer Ted was preparing to retire after fifty years of farming

Farmer Ted was preparing to retire after fifty years of farming

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Farmer Ted was preparing to retire after fifty years of farming. He placed an advertisement online describing several trucks, tractors, trailers, loaders and other used equipment for sale. Farmer Fred read the ad and went to see the tractors for sale on September 1. He liked the 2013 John Deere 6125R that Ted had listed at $50,000, and told Ted he'd probably buy it but needed a few days to think it over. Ted said that was fine and wrote out the following:

I, Farmer Ted, agree to sell my 2013 John Deere 6125R to you, Farmer Fred, for $50,000. If you decide to buy the tractor, you must notify me in writing no later than 5:00 p.m. on September 7 and I will not withdraw the offer before that date. Delivery must be no later than September 15 and payment must be made by cashier's check or wire transfer. /s/ Farmer Ted.

On September 5, Ted calls Fred and tells him, "I wanted to let you know that Farmer Zed came by the farm today and bought the tractor. I've still got some other machines though, so please come take another look." If Fred ignores Ted's statement and sends a fax on September 6 stating, "I'll take the tractor and will be at your farm on September 10 with a cashier's check for $50,000," is a binding contract likely to be formed?

Group of answer choices

Yes, if Farmer Ted is a merchant

No, because Farmer Fred gave no consideration for the option to buy the tractor

No, because Ted no longer has the tractor to sell

Yes, in all circumstances

Which option above is correct?

Option 1

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Option 2

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