Question

Kai offers to sell a rare book to Penny for $1,000. Penny wants to do more research first, but gives Kai $10 to hold the book for her for a week so she can buy it at the end of the week if her research shows the book is worth it. Kai takes Penny’s $10 but dies the next day. Penny notifies Kai’s widow that she wants to buy the book anyway. Does Penny have the right to buy the book for $1,000?

Answer 1

Yes, as long as she acted to buy the book within a week of the original agreement.

Step-by-step explanation:

The contract they created was to hold the book for one week. Following Kai's death, Penny has at least one week to decide since that was the amount of time Kai agreed to before his death. In other words: "If the parties had already entered into an option contract to hold the offer open for a set period oftime, the administrator of the offeror's estate or the guardian of the offeror must hold the offer openuntil it expires in accordance with the option contract."

Hope this helps!!