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For each of the following four questions, explain your answers in as much detail as possible. For each answer, state the law (including all of the relevant elements of the law), state the relevant facts, apply the law to the facts, and give your opinion as to what the outcome should be. Each answer is 20 points. The last 20 points will be based on whether or not you consistently used correct grammar, spelling, and writing style. (100 points total).

Fact Pattern
Dave was driving down a back road in his hometown. As he drove by Paul’s Bargain Tent he spotted from his car, what he believed to be one of Izzy Famous’s Fender guitars for sale. Dave believed that he recognized it from Izzy’s performance at Woodstock years ago.
Izzy as everyone knows was an extremely famous rock star who died of heart failure in the early seventies when disco music became popular. Dave stopped the car at Paul’s and asked the clerk if he could speak to Paul. Paul was in a bad mood but took the time from his busy day to speak with Dave. As he chewed his cigar, Paul said, “Dave, how’ve you been?” Dave answered,” Fine, listen, isn’t that one of Izzy Famous’s guitars?” Paul said, “Izzy Who?” “Izzy Famous,” Dave responded. Paul, sensing money to be made, said “Oh, yeah, sure, Izzy Famous, I’m pretty sure.” Dave became very excited and picked up the guitar.
On the back, it said in clear letters, “SEARS BEST”. Dave was not sure that Izzy had ever played a Sears guitar. Dave asked “Paul, are you sure this was one of Izzy’s guitars?” Paul stated “Look, I went to Harvard with the guy, I should know.” Dave questioned that “Harvard?” Paul covered with “Yea Harvard High School. Great guy.” Convinced Dave asked “Oh, ok so how much do you want for it?” Paul: “Well, since you told me it was an Izzy guitar, I will sell it to you for $5,000 and I will hold the offer open for 30 days.”
Dave said, “I can’t pay that much for it, I will give you $1,000.” Paul: “For $1,000 it is not worth me selling it to you, so just get out of here!”

Dave left but thought about the guitar all night. In the morning he called Paul and said “Paul, this is Dave; I will give you $3,500.”
Paul had a hangover and hearing problems and thought Dave said “I’ll give you a dirty $500.” Paul slammed the phone down.

Meanwhile, Paul had been running a concurrent ad in the local newspaper that listed several items for sale including the Sears guitar.
It read:
Paul’s Bargain Tent Sale:
-electric guitar: $100.00
Dave, after drinking all day in sorrow for missing out on buying the guitar, sees the ad, picked up the phone, and called Paul. When Paul answered, Dave said:
“Paul, this is Dave. I saw your ad in the paper and as to the electric guitar, I accept.” (#7)
Dave then realized that Izzy only used Sears guitars to smash into his amplifiers after each performance so there were no surviving Sears guitars ever used by Izzy.
He responds to Paul “I revoke!”

1. What are the elements of a valid offer? Was there a valid offer in the fact pattern, which one and why? Include any issues with communication of the offer and invitation to offer and explain how and why and if they occur in this fact pattern.

What are the elements of a valid acceptance? Was this a valid acceptance which one and why? What would support this being a valid acceptance? What would not support that a valid acceptance occurred?

As Paul is a vendor in the business of selling items what must occur in order for the contract to be valid and enforceable? Explain the concept of law that applies.

Does the issue of disability/capacity occur in this fact pattern? Explain what type and how it affects contracts in general and specifically if it affects this potential contract.

You shall be graded on your complete and proper explanations, research, and language usage, all as noted below. The report must be no more than 1,000 words and is to be submitted in typed, double-spaced form.

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