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BFA506 Business Law

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Question:

You are required to provide a answer to the following question:

Nigel placed the following advertisement in the “Antiques Monthly” magazine:
“Rare 19th Century Long case clock by Ticker for sale £15,000 or nearest offer”

On Monday Oliver bought a copy of the magazine and after seeing the advertisement immediately phoned Nigel and said “The long case clock you have for sale, I will offer you £12,000 for it” Nigel replied, “I cannot accept less than £13,500 for it, but I will not sell it to anyone else before Friday”. Please let me have written acceptance by 12.00 noon Friday if you want it”.
At 2.00pm on Wednesday Paul saw the advertisement, and immediately phoned Nigel and made an appointment to see the clock at 10.00am on Thursday morning. On seeing the clock he offers Nigel £14,000 for it, which Nigel accepts.

At 2.00pm on Thursday afternoon Oliver sees Paul’s old father, who he knows slightly, and who tells him that he has just seen his 9 year old grand daughter, who said her father has just bought a rare 19th Century long case clock from a dealer who had advertised it in the Antiques Weekly magazine. Oliver rushes home and posts a letter to Nigel agreeing to buy the clock for £13,500. On the same day Nigel writes to Oliver withdrawing his offer.
At 11.00am on Friday morning Oliver receives Nigel’s letter, and at 1.00pm Nigel receives Oliver’s letter.

Advise Nigel.

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