Posted on by Judy

A newspaper runs the following add, “Nationally famous suits. Today only $300.00. ” Is this an offer? This is most likely only an invitation to deal since the terms are not certain and definite enough. This is definitely an offer. All of the terms are specific and nothing is left open to negotiate. This is a firm offer. This is a counter-offer.

The above add is not an offer since the terms are not specific here. It is only an invitation to buy nationally famous suits.
Hence, the correct answer for the above question will be option 1 i . e this is most likely only an invitation to deal since the terms are not certain and definite enough.
 
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  1. A newspaper runs the following add, “Nationally famous suits. Today only $300.00. ” Is this an offer? This is most likely only an invitation to deal since the terms are not certain and definite enough. This is definitely an offer. All of the terms are specific and nothing is left open to negotiate. This is a firm offer. This is a counter-offer.
  2. The Mirror Image rule provides that: The acceptance must mirror the offer. The acceptance cannot contain different terms than the offer. When reciting the offer and acceptance, the offeror and offeree must look at each other in the mirror to be valid. The acceptance is valid upon dispatch. Consideration must be exchanged.
  3. Which of the following choices states all of the requirements of a firm offer? The offer is contained within a signed writing. The offer is exchanged with another merchant. The offer must be accepted within 30 days. The offer is contained within a signed writing made by a merchant and the offeror gives reasonable assurances that the offer will remain open. The offer is stated by a merchant and is approved by the court.
  4. Do Black men and women and White women pay more for cars? Many newspaper articles and hidden television investigations have suggested that they do. What does sound empirical research suggest? Ian Ayes and Peter Siegelman’s study published in The American Economic Review, ‘’ Race and Gender discrimination in Bargaining for a New Car ‘’ provides empirical evidence that indeed blacks and white women are charged more for new cars than white men are. Three hundred testers who were matched in terms of age, educational level, attire, and attractiveness and who were trained to negotiate similar went to Chicago-area car dealerships ostensibly to buy a car. White male, White female, Black male and Black female testers used the identical bargaining strategies after having received two days of formal training, in which they memorized the bargaining script and participated in negotiation role plays. To avoid bias, the testers were told only that the study involved how sellers negotiate for cars and did not know that other tester would also visit the same dealership. Finding strongly support race bias in initial pricing and negotiations. Initial offers to White male testers were about $1,000 over dealer costs. Initial offers to black males were over $900 greater than those made to white males. Initial offer to black women and and white women were $320 AND $110 respectively, over initial offers to white men. Differences between initial offers to black men and women and white men were significant an the 0.05 level: however, differences between white women and white men were not statistically significant. For all testers prices were lowered during negotiations, but dealer concessions exacerbated the advantages already present in the offer to white males. When these concessions were factored in, a stronger pattern of discriminations was apparent in the final offers when compared with the initial offers. Specifically, Black men, Black women and white women were offered final prices of $1,100 , $410 and $92, respectively, more than white men. Ayres and Siegelman point out that although black men were quoted the highest initial offer, they received the lowest average concessions. Il all, testers’ race and sex were strongly related to both the initial offer and the final price offered. Perhaps, most disturbing in almost 44% of cases, the initial offers made to white men were lower than the final offers made to other testers. It is impossible to unequivocally explain these results. Some suggest that sellers may expect white men to be more serious, sophisticated customers and non whites and white women to be less savvy customers. Others suggest that dealers may believe the latter groups are willing to pay higher markups than white men. Regardless of the theoretical explanations for the disparate treatment, the bottom line is the financial cost to black customers. QUESTIONS: 1. What are some specific steps that individual new car purchasers can take to avoid dealer discrimination in pricing? 2. In such discrimination in large purchases is common, what are the short and long term economic effect likely to be for blacks and white women, who earn less than white men and for black families, which earn less than white families?