This question should be answered in an IRAC format. Please include all relevant keywords, terms, and phrases when discussing each topic.
Wrangler was a famous breeder of racehorses who owned Sir Marathon and Lady Luck, both retired sweepstakes champions. Bettum owned a racing stable and was anxious to obtain the offspring of Wrangler’s horses for his stable. After considerable negotiations, Wrangler and Bettum signed the following document:
It is hereby agreed that Bettum shall have the first right to purchase all colts foaled out of Lady Luck by Sir Marathon during the next three years. Price to be determined on the basis of sex, weight, height, and bone structure at time of delivery.
Six months later, the first colt was born to Lady Luck, and it had all the markings of a champion. Bettum immediately tendered $25,000 to Wrangler for the colt, which was a good faith approximation of its value. However, Wrangler refused to deliver the colt unless Bettum paid $100,000. Bettum sued Wrangler.
What are Wrangler’s possible defenses, Bettum’s arguments and the court’s likely outcome?
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Consider whether there was a valid contract. What constituted the offer? Was it accepted before it was revoked? Can the writing be considered an offer even though the price of the colts was left to be determined later?
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