1. On October 1, 2009, Arthur mailed to Madison an offer to sell a tract of land located in Oxford for $150,000. Acceptance was to be made not later than October 10, 2009. Madison mailed his acceptance on the 6 th of October. The acceptance arrived on October 7 th , On October 4%, 2009, Arthur had sold the tract in question to Larson and promptly mailed to Madison notice of the sale to Larson. The letter arrived on October 6 th after Madison had mailed his acceptance letter to Arthur. What happens?
2. Montrose sent Bilbo a written offer to sell a tract of land located in Taylor for $50.000. The parties were engaged in a separate dispute. The offer stated that it would be irrevocable for 30 days if Bilbo would promise to refrain from suing Montrose during this time. Bilbo promptly delivered a promise not to sue during the term of the offer and to forego suit if she accepted the offer. Montrose subsequently decided that the possible suit by Bilbo was groundless and therefore phoned Bilbo and revoked the offer ten days after making it. Bilbo mailed an acceptance on the 30″ day. Montrose did not reply. What happens?
