In any business contract, all involved parties should be able to negotiate in a manner such that they reach consensus and exchange the item in subject without landing into conflicts. Therefore, laws that govern contracts should be followed and respected to ensure that all involved parties get fair deals. This means that all negotiators should participate while in sober minds to ensure that decisions made on behalf of their companies are right.
In this case, Grand Island Development Corporation has a right to sell their cottage lots at convenient prices. This means that they should not be compelled to lower prices for their cottage lots against their will. This should be provided in the law, and it has to be respected since they own the cottage lots and they can sell at any price.
In addition, they had a right to sell their lots to any willing buyer provided that they agreed on the appropriate price. Therefore, there should be no offense if they sell the cottage lots to willing buyers regardless of the number of buyers with ongoing negotiations.
For instance, by selling their lots to Cottage Contracting Ltd, Grand Island development Corporation did no mistake since the law allows that they respect any contract that is entered and completed. This is because they sold lots to the company because they had not heard from Onshore Construction Company. The confirmation letter from Onshore Constructing Company was delayed hence no formal communication was done between these two companies.
The delay in the official letter sent by the Offshore Construction Company was liable for the confusion. This means that if the letter arrived in time, the cottage lots could have been reserved for the company, unfortunately, the letter came much later. In addition, Offshore Construction Company could have made their decision in a swift manner.
This delay on their side was liable for their missing of the contract. In fact, if Offshore Constructing Company made up its mind on purchasing lots in a swift manner, it could have bought them. However, they were overtaken by events since the other company emerged and presented a fair deal to the seller who could not decline the offer. This was because the Offshore Company had not come out openly to agree on purchasing those lots. Therefore, the Grand Island Development Corporation had no other option but to sell those lots to Cottage Contracting Ltd.
This case should be decided in a fair manner considering all aspects that should be used during transacting businesses. No one was offended by the deal because there was no agreement in writing between the seller and the Offshore Company. In fact, the deal was not reached even during the charity dinner. This is because after presidents of both companies met there was no change in what was agreed earlier.
After the charity dinner, the president of the Offshore Construction Company decided to purchase the cottage lots at proposed prices but he did not communicate to the other president. In fact, even when the Cottage Contracting Ltd approached the Grand Island Development Corporation, there was no indication that Offshore Construction Company intended to buy the cottage lots.
The Offshore Construction Company wasted their chance of getting the cottage lots because they were given the first opportunity, but they kept on bargaining. In fact, the other company was lucky enough because it appeared just in time when the Offshore was thinking whether to honor the offer or to decline it. In fact, according to contract law, there was nothing wrong in the manner in which those transactions were carried out.