Law/531 Contract Creation Simulation
- Submitted by: shelliej01
- Views: 1309
- Category: Other
- Date Submitted: 05/17/2014 06:18 AM
- Pages: 3
- Report this Essay
Contract Creation Simulation for LAW/531with the following responses:
To enforce a contract, the following four requirements must be met. Determine if each requirement has or has not been met, and then explain your answer.
Question 1:
Offer: Yes Response: An agreement is the first element of a contract and an agreement must have an offer and an acceptance. The offer is presented by the offerer after both parties negotiated over price, etc. This offer was valid as the three elements for an effective offer were accounted for. They are: 1)the offerer must objectively intend to be bound by the offer; 2)the terms must be definite or reasonably certain; 3)the offer must be communicated to the offeree. In this scenario, the offer was presented by Bob, local used-car dealer. He offered the vehicle to Mike for $25,000. After receipt of funds, he would write a check to Al
Question 2:
Acceptance: Yes Response: Only the offeree can accept an offer and create the contract. The offerree's acceptance must be unequivocal, i.e. it must be clear and concise leaving no question as to the meaning of the response. In addition, the acceptance must have no conditions or exceptions. When Bob offered Mike the $25,000 for the vehicle initially, Mike accepted the offer with the response "Sounds great".
Question 3:
Consideration: Yes Response: Consideration is defined as something of legal value given in exchange for a promise. In addition, a consideration must have two elements: 1)legal value and 2)bargained for exchange. The scenario tells us that this vehicle has a legal value and there was an ongoing exchange between Mike and Bob "over the phone and email" before they settled on a final amount of $25,000.
Question 4:
A Lawful Object: Yes Response: The object of a contract must be lawful, that is, the sale of goods, services, etc; or the lease of goods, property leases, licenses, etc. With this said, this vehicle is being sold at the request of the owner Al so this is a...
To enforce a contract, the following four requirements must be met. Determine if each requirement has or has not been met, and then explain your answer.
Question 1:
Offer: Yes Response: An agreement is the first element of a contract and an agreement must have an offer and an acceptance. The offer is presented by the offerer after both parties negotiated over price, etc. This offer was valid as the three elements for an effective offer were accounted for. They are: 1)the offerer must objectively intend to be bound by the offer; 2)the terms must be definite or reasonably certain; 3)the offer must be communicated to the offeree. In this scenario, the offer was presented by Bob, local used-car dealer. He offered the vehicle to Mike for $25,000. After receipt of funds, he would write a check to Al
Question 2:
Acceptance: Yes Response: Only the offeree can accept an offer and create the contract. The offerree's acceptance must be unequivocal, i.e. it must be clear and concise leaving no question as to the meaning of the response. In addition, the acceptance must have no conditions or exceptions. When Bob offered Mike the $25,000 for the vehicle initially, Mike accepted the offer with the response "Sounds great".
Question 3:
Consideration: Yes Response: Consideration is defined as something of legal value given in exchange for a promise. In addition, a consideration must have two elements: 1)legal value and 2)bargained for exchange. The scenario tells us that this vehicle has a legal value and there was an ongoing exchange between Mike and Bob "over the phone and email" before they settled on a final amount of $25,000.
Question 4:
A Lawful Object: Yes Response: The object of a contract must be lawful, that is, the sale of goods, services, etc; or the lease of goods, property leases, licenses, etc. With this said, this vehicle is being sold at the request of the owner Al so this is a...