Joe offered to sell Harry his car for a specific price, and Harry indicated that he needed some time to think about it. Two days later, Joe sold the car to a third party. That afternoon, Harry phoned Joe and told him that he had decided to accept the offer and that he'd buy the car. Joe told Harry that it was too late; he had sold the car to someone else. Harry said that it had been offered to him first, and he insisted that Joe go through with the contract.

1. Was there a valid contract between Joe and Harry? Your answer must specifically reference each of the elements of a valid contract and describe how each relate to the facts presented above.

2. If you conclude that there was a valid contract, explain the legal liability of each of the parties.

 

Revocation can also refer to the termination of an offer. An offeror may revoke an offer any time before it has been accepted, but the revocation must be communicated to the offeree, although not necessarily/mandatory by the offeror

Step-by-step explanation

Revocation of offer :

In contract law,

 Revocation can also refer to the termination of an offer. An offeror may revoke an offer any time before it has been accepted, but the revocation must be communicated to the offeree, although not necessarily/mandatory by the offeror

Accordingly the elements of a valid contract,an offer must be accepted ,in exchange of something value /consideration with lawful objects and parties should have contractual capacity.

In this scenario ,Harry has not accepted the offer ,and Joe can revoke it any time

And there neither party has been performed it's contractual obligations no one have get anything,or no consideration is made by either party

And there is no any written evidence

We know a valid Contract , can't be enforce without having a written evidence

Agreement: when an offer is accepted it becomes an agreement

So there is no formation of a valid contract or agreement in the absence of acceptance by offeree and written evidence

Joe is free to revoke offer any time before the Harry's acceptance

So Harry can't enforce Joe for specific performance or can't file any lawsuit against Joe ,and Joe can freely transfer it's asset (car) to another offeree

B) Legal liabilities of the parties of valid contract are

1) to perform their contractual obligations

2) to pay damages in breach of promise if any or breach of contract to the suffered party

3) to follow the written contract /agreement,to do or not do the specific task /work etc