Business Law

The mistake occurred. Mary McDonald entered into an agreement in such a way that the

An agreement not supported by consideration on both sides is nudum pactum (‘a naked agreement’) and unenforceable.

37. Principle of Law: The contract is an agreement agreed among parties. If there’s any changes related to the contract, all parties in the contract had to be informed and agree changes. However, in this case McGurn crossed out the number 12, replaced it with the number 24 without informing Bell about this and signed the contract. Bell didn’t acknowledge the change that had been made to the contract. If there’s any dispute raised from this contract, Bell can refuse its obligation with the reason

1.  Able entered into an oral contract with Baker for the sale of Able 's car for $5,000. Later Baker breached that contract. Able wants to sue to enforce the contract. Under the Statute of Frauds, who is the "party to be charged" in this case?

A bilateral contract comes into existence at the moment promises are exchanged. True, “promise for a promise”

A contract is a legally obligatory promise or set of promises (Bagley, C. 2013). If this promise is broken, either party involved can be legally responsible and take the other party to court. There are four basic elements in the creation of a valid contract. The first consist of an agreement between the parties involved, by an presented offer and acceptance. The second states that the parties’ promises must be supported by something of worth, known as consideration. The third advises both parties must have the ability to enter into a contract. The fourth element states the contract must have a legal purpose (Bagley, C 2013).

t. P1) An agreement cannot bind unless both parties to the agreement know what they are doing and freely choose to do it.

The offer was made with the intention to create a legal contract that protects all sides of the bargain.

A contract in its essence according to Davitt is “a union of two or more persons, originating in their mutual promises enforceable in law, for the reordering of their relations of title, duty and claim regarding something to be done or not to be done.” Id. at 273. The tricky part concerns what a mutual promise enforceable in law entails. As stated above, there are many difference schools of thought about what fills in the gaps of promises and what is enforceable by law.

Apply the five essential elements of an enforceable contract to your example and answer the following questions.

The Civil Law, on the other hand, places greater importance on the classification of the legal principles of the contract. Contracts are divided into different categories, such as gratuitous and onerous contracts (both being enforceable), or unilateral and bilateral contracts (based on the parties’ obligations towards each other).

Contracts can be defined through promises between parties that are enforceable through law. We know that both parties agreed verbally, an oral agreement was made to hold the car for one day with a hundred-dollar deposit and Stan agreed to the terms that the deposit was refundable. Contracts can be in in two form which are written or oral. Based on the elements of contracts, many fundamentals factors are considered mandatory to form a contract that is binding on parties and are primarily outlined through the following:

Gerald Fridman contends that the primary purpose of contract law is to enforce the agreement of the parties. Agreement is the central element in determining whether there is a contract. Also, the existence of a contract requires the parties voluntarily intend to be bound by the agreement. In interpreting contracts, courts are primarily trying to carry out the intent of the contractual parties; therefore, when one party frustrates the intentions of the other party, a breach occurs.

The last requirement of a valid contract is that its provisions be legal. If a

In the article “Consideration - in Acceptance of Contract”， this support Robert’s (2015) evidence that if an act is performed then a subsequent promise to pay by reference to that act is not enforceable as the consideration was past. Other that, he also noted that if there was an implication; the past promise to pay is enforceable.