For a contract to be enforceable, there needs to be an offer, acceptance, meeting of the minds, and consideration. An offer is an expression of one’s willingness to enter into a contract with set terms with another party upon the proferance of acceptance by the other party. In this case Mickey has made an offer to Nucky that he is willing to sell him his home that is accessed at $10 million in the Cayman Islands for $50,000. Although Mickey has two homes in the Cayman Islands, the home proposed in the offer seems to be specified if he described it as the one worth $10 million dollar. Acceptance is an expression of assent to the terms of the offer and enter into the contract. Mickey did not state how acceptance should be performed by Nucky; this is often included in the offer (See Stim). The case, however, states that Nucky accepted the offer. Furthermore, there has to be an intention to enter into a legally binding contract for a contract to exist. Consideration is the exchange of something of value in line with the terms of the contract. $50,000 for the home is the consideration. Consideration in the amount of $50,000 was agreed upon; it does not seem that Nucky gave Mickey the consideration, but he was willing to do so. Meeting of the minds often includes the intention to enter into a legally binding contract. Additionally, it includes agreeing on specified terms. There is a question of whether Mickey intended to enter into a legally binding contract. Furthermore, the terms of the contract are not clear. The date that the $50,000 is to be paid and when Nucky is supposed to take possession of the home are unclear. Therefore, the court may find that there was no meeting of the minds in this case.
In this instance the sub bid by Atlantic Plumbing constitutes an offer. Atlantic Plumbing can revoke its offer at any time before the Broadway Construction is hired for the job. This is because Broadway Construction would not accept the offer from Atlantic Plumbing until their offer is accepted by Nucky and they are hired to perform the work. As Atlantic Plumbing’s offer to Broadway Construction has not be accepted, it may be cancelled by Atlantic Plumbing; an offer can be revoked at any time prior to acceptance. Broadway Construction has time to revise of revoke the general contractor bid/offer at any time before their bid is accepted as well. The bid placed by Atlantic plumbing would not qualify as a firm offer because it is not for the sale of goods; therefore, it can be revoked. Therefore, Broadway Construction does not lose anything by Atlantic Plumbing not being willing to perform the work for that price, although it does not receive the gain it expected. Broadway Construction is thus free to revise their offer to Nucky according to the other bids before Nucky accepts the offer.
Stim, Rich. “What Constitutes Acceptance of a Contract Offer?” Nolo.com. Web. 5 April 2014.