A seller advertised a vintage motorcycle for sale for $5,000. A potential buyer inspected the motorcycle and said, "I'll take it, but I can only offer you $4,000 in cash plus this antique jukebox I own." The seller, who collected vintage memorabilia, inspected the jukebox and replied, "You have a deal." The seller later refused to go through with the transaction. If the buyer sues the seller for breach of contract, which of the following best describes the consideration from the buyer?
Only the promise to pay $4,000, because the original advertisement was for a cash sale.
The seller's promise to sell the motorcycle, as this created a mutual obligation.
Only the promise to provide the antique jukebox, because this was the new term that induced acceptance.
The promise to pay $4,000 and provide the antique jukebox.
Correct. For consideration to be valid, it must be part of a bargained-for exchange. In this scenario, the buyer's response with different terms constituted a counteroffer, not an acceptance. The seller's agreement to the new terms ("You have a deal") was an acceptance of that counteroffer, creating a binding contract. The consideration supporting the seller's promise to sell the motorcycle was the buyer's promise to provide both the $4,000 cash and the jukebox. Therefore, the combination of the cash and the jukebox constitutes the buyer's consideration.
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