<story><title>Jump Trading sues 79-year-old Carl Sagan fan over wormhole.com domain</title><url>https://www.businessinsider.com/jump-trading-sues-over-wormholecom-domain-crypto-blockchain-carl-sagan-2022-4</url></story><parent_chain><item><author>NovemberWhiskey</author><text>A quote is not a necessary element to formation of a contract.&lt;p&gt;If you&amp;#x27;re holding a yard sale, and I point at some knickknack and ask &amp;quot;how much for that?&amp;quot;, and you say &amp;quot;it&amp;#x27;s a dollar&amp;quot; and I say &amp;quot;that&amp;#x27;s a deal&amp;quot;, that&amp;#x27;s a contract.</text></item><item><author>323</author><text>Seems that Jump is wrong here, no binding contract was made according to article facts. Acceptance from the seller part seems required:&lt;p&gt;&amp;gt; Contract law says that a quote is not considered an offer and only acceptance of offers makes for a legally binding contract, according to Cornell Law School.&lt;p&gt;&amp;gt; Here’s what needs to happen for a quote to turn into a contract:&lt;p&gt;&amp;gt; - Supplier submits the quote to the client&lt;p&gt;&amp;gt; - The client accepts the quote and issues an order&lt;p&gt;&amp;gt; - The supplier accepts the order&lt;p&gt;&amp;gt; For example, a wedding photographer emails a written quote to a client for $2500 for 10 hours of photography. The client emails back saying they accept the quote and want to proceed with the order. The wedding photographer emails the client again to thank them and confirm that they will do 10 hours of work on a certain date for $2500. A legally enforceable contract has now been established.&lt;p&gt;&lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;www.freshbooks.com&amp;#x2F;hub&amp;#x2F;estimates&amp;#x2F;is-quote-contract&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;www.freshbooks.com&amp;#x2F;hub&amp;#x2F;estimates&amp;#x2F;is-quote-contract&lt;/a&gt;</text></item></parent_chain><comment><author>belorn</author><text>Can you reverse that. A sale person ask a customer &amp;quot;are you interested in buying that car with the sticker price of $10,000&amp;quot;, the customer says &amp;quot;yes&amp;quot;, the sale person says &amp;quot;We have a deal&amp;quot;. Is this a contract, meaning that the customer can no longer walk out of the store?</text></comment>
<story><title>Jump Trading sues 79-year-old Carl Sagan fan over wormhole.com domain</title><url>https://www.businessinsider.com/jump-trading-sues-over-wormholecom-domain-crypto-blockchain-carl-sagan-2022-4</url></story><parent_chain><item><author>NovemberWhiskey</author><text>A quote is not a necessary element to formation of a contract.&lt;p&gt;If you&amp;#x27;re holding a yard sale, and I point at some knickknack and ask &amp;quot;how much for that?&amp;quot;, and you say &amp;quot;it&amp;#x27;s a dollar&amp;quot; and I say &amp;quot;that&amp;#x27;s a deal&amp;quot;, that&amp;#x27;s a contract.</text></item><item><author>323</author><text>Seems that Jump is wrong here, no binding contract was made according to article facts. Acceptance from the seller part seems required:&lt;p&gt;&amp;gt; Contract law says that a quote is not considered an offer and only acceptance of offers makes for a legally binding contract, according to Cornell Law School.&lt;p&gt;&amp;gt; Here’s what needs to happen for a quote to turn into a contract:&lt;p&gt;&amp;gt; - Supplier submits the quote to the client&lt;p&gt;&amp;gt; - The client accepts the quote and issues an order&lt;p&gt;&amp;gt; - The supplier accepts the order&lt;p&gt;&amp;gt; For example, a wedding photographer emails a written quote to a client for $2500 for 10 hours of photography. The client emails back saying they accept the quote and want to proceed with the order. The wedding photographer emails the client again to thank them and confirm that they will do 10 hours of work on a certain date for $2500. A legally enforceable contract has now been established.&lt;p&gt;&lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;www.freshbooks.com&amp;#x2F;hub&amp;#x2F;estimates&amp;#x2F;is-quote-contract&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;www.freshbooks.com&amp;#x2F;hub&amp;#x2F;estimates&amp;#x2F;is-quote-contract&lt;/a&gt;</text></item></parent_chain><comment><author>Supermancho</author><text>I don&amp;#x27;t think that&amp;#x27;s a contract you want to engage in. There are no terms for timing. A dollar today or in 10 years? It will be difficult to prove these details were known or that the offer took place at all, which is why you want things in writing - which is the case for wormhole.com. It&amp;#x27;s also interesting to note that a verbal contract is not sufficient to form a contract at price points over a few hundred dollars.&lt;p&gt;Take from this what you will.</text></comment>