John Freeden is negotiating with Bill Murray to buy Bill's mountain bicycle. The following conversation has taken place: John: I will buy your mountain bike for 325.00. Bill: I couldn't sell it for less than 375.00. John: I'll take it for 375.00. Which of the following statements is true?
A) Bill and John have a contract for the sale of the bike at 375.00.
B) Bill and John have a contract for the sale of the bike at 325.00.
C) Bill and John do not have a contract.
D) None of the above
Question 2
A power of attorney is an example of an agency relationship.
Indicate whether the statement is true or false