Michael and Ralph Case Study - Financial Difficulties - Law Assignment Help

Assignment Task:

Michael and Ralph have known each other for years as a result of being participants in an open web forum, “For the love of classic cars” – an Australian group of people who all have a passion for classic cars.  Michael and Ralph live on the opposite sides of the Brisbane CBD. They both regularly post comments and photos into the forum about how they love classic cars.  Michael and Ralph have had many online interactions about their love of old Holden cars over the years.

At the start of the year, Michael started to experience financial difficulties and decided to sell his treasured 1970 Holden Belmont HG Ute (a classic car), which he had meticulously restored over many years.  The car was in pristine condition and whenever Michael shared pictures of his Holden, Ralph had made many previous comments in the forum about how he would love to own one.

On 10 February 2020, Michael made a post on the webpage forum, saying “Selling my 1970 Holden Belmont HG Ute – reluctant sale, but need to sell as soon as possible. Send me a message if interested in buying to michaelthecarfanatic@mailservice.com.  Reasonable offers considered”.  Ralph sent Michael an email saying “I’m very interested in buying your 1970 Holden Belmont HG Ute.  Please let me know your lowest price that you’ll sell for”.  Michael responds saying: “Lowest price I’d sell for is $31,000”. Ralph responds immediately, saying, “don’t sell the car to anyone else – I’ll get back to you”.  Michael doesn’t respond.

Ralph wants to be sure he has the finances necessary to buy the car before messaging Michael further.  He has most of the money in savings, but on the same day (10 February 2020), he applies for a personal loan to cover the difference of the purchase price.

Michael receives several further emails about his Holden Ute, but he is not happy as most of the emails are requesting to purchase the car for far less than the market value.

On 12 February 2020, Michael sees a post made by Jack on the forum about Holden cars and decides to join in on the discussion.  Michael leaves a comment that says, “Absolutely gutted I have to sell this beauty” and posts a photo of his car.  Jack immediately comments saying, “I’ll take that car off you for $34,000 – I’ll send you an email”.  Michael realises that his initial price of $31,000 (communicated to Ralph) for the car may be too low.

Jack sends Michael an email saying, “so how about I take the car off you for $32,000 later this week and I’ll have the money to you on the day – I know I said a different amount on my comment, but I think $34,000 is actually more than it’s worth”.  Michael says in response, “I would be happy with $33,000”.  Jack does not respond at that time.

On 13 February, Ralph hears back about his loan application and the bank has approved the additional finances.  Ralph sends a further email to Michael, saying “I accept your offer to sell the 1970 Holden Belmont HG Ute for $31,000”.  Michael does not read this email until later that day.

Before Michael reads Ralph’s email, he receives another email that day (13 February) from Jack, saying, “Okay, how about $32,500 – that’s as high as I can go.  But I can take the car off your hands by the end of the week for cash”.  Michael replies: “Done! Here’s my address for you to come and pick up on Friday …”.

Michael then reads Ralph’s email and responds saying, “Sorry, I’m selling the car to someone else for a better price”.  Ralph is adamant that he must buy the car from Michael as he has always “dreamed” of owning a classic Holden.  Ralph sends Michael an email saying, “We had a deal! You can’t sell it to someone else – I will enforce this agreement if I have to!!”.

With reference to key legal principles, address the issue of whether an agreement has been reached between Michael and Ralph and/or Jack.  You do not need to address the legal issues of consideration, or whether there is an intention to be bound (your answer only needs to focus on relevant issues associated with offer and acceptance).

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