I want you to write a business letter as if you are an attorney representing a client. After reading Introduction to Contracts Lecture, explain the appropriate legal theories related to your client’s position. Use lecture notes and textbook to complete this assignment.

Hypothetical: Alice Arnold needed extra money to pay for some bills, so Alice decided she would sell her great-grandmother’s wedding ring. Alice did not think the ring was worth very much money and did not investigate the value of the ring before offering to sell it to a coworker named Nathan Norris. Alice knew that Nathan was making plans to ask his girlfriend to marry him in the near future. While they were both at work, Alice showed Nathan the ring and said, “I am willing to sell you my great-grandmother’s ring for $450. Nathan replied, “I will think about it and get back to you tomorrow.”

That evening Alice was excited to tell her sister, Lisa, that she may have found someone who was willing to pay $450 for the old ring. Lisa researched the value of the ring and discovered the ring was worth over $5,000. Alice said she was astonished at the value of the ring and was no longer interested in selling the ring for $450.

The next day at work Nathan walked over to Alice and said, “I will pay the $450 you want for the ring.” Nathan said this before Alice had a chance to tell Nathan that she no longer wanted to sell the ring for that price. Alice then said, “I cannot sell the ring for $450. I now know that it is worth over $5,000, so I take back my offer from yesterday.” Nathan replied, “Tough! You cannot take back your offer. I just told you I would buy the ring from you for the price we agreed upon yesterday.”

Nathan believes that he has a contract to buy the ring from Alice. You are an attorney for Nathan; Nathan wants to know if Alice is legally obligated to sell the ring to him. You represent Nathan and must send a letter to Nathan informing him of the law regarding this issue.