Company A sends the following letter to Company B: "We recently have acquired 500 widgets and are looking to sell them. We propose to sell them to you for $100 each." Eighteen months later, Company B sends the following reply by mail; "We accept your offer." Company A receives this letter two days after it is sent.
Which action should Company B have taken to establish a legally binding contract?
- Specified the legal purpose of the contract
- Accepted the offer within a reasonable time
- Provided consideration
- Initiated a counteroffer
Company A sends the following letter to Company B: "We recently have acquired 500 widgets and are looking to sell them. We propose to sell them to you for $100 each." Eighteen months later, Company B sends the following reply by mail; "We accept your offer." Company A receives this letter two day...
