Case Analysis : Sell Her Television For $ 3

Negotiations are a part of daily life whether we are aware of them occurring or not. In everything that we do there are preferred end results and the end results are likely to affect more than one person. The goal in this however, is to ensure that all parties are equally benefited from the actions and reactions that occur to create that end result. While some dealings are done in a more subtle manner without a great deal of negotiation per say there are other situations that would warrant more vocalized mutually acceptable compromises. The purpose of this paper will be to effectively explain a situation of which required negotiation on the part of both parties that almost all of us have endured and that would be the process of buying a

Rule : : Contract formation requires mutual assent (offer and acceptance), consideration, and no viable defenses to contract formation.

A contract is formed when an offer by one party is accepted by the other party. Consideration is the price paid for the promise of the other party. The price must be something of value, although it need not be money. Consideration may be some right, interest or benefit going to one party or some, losses or responsibility given, suffered or undertaken by the other party.

According to Melvin (2011), consideration is most often when the offeror holds an offer open for a period. For arguments sake, and this e-mail constituted an agreement, the consideration would be the one month from Chou received the e-mail and the fax request from BTT.

On May 22nd, Bishop wrote to this company that is accepting this offer. But this company did not receive this letter until May 30th. And Armstrong refused to sell mica to Bishop at $187 instead of $180 because the price was increasing.

* Sean received a letter from Tim saying he wanted to buy the car for $7, 500, but it was mailed after Sean had received partial payment from Jim and agreed to sell him the car

Wilbert Heikkila listed eight parcels of property for sale and David McLaughlin was interested in purchasing three of them. Mr. Heikkila proposed a counter offer and then withdrew his offer to sell, was a contract ever reached? To conclude on this issue, we have to look at whether there was ever a “meeting of the minds” regarding this transaction. Mr. McLaughlin made an offer to purchase three of the parcels, however when Mr. Heikkila received the offer, he countered and resubmitted to Mr. McLaughlin. At that point, a counter offer rejects the original and becomes the current offer for consideration. Until the two parties come to an agreement on the terms, there is no contract, stated or implied. Mr. Heikkila also has no obligation to

2. Owner offered to sell his house to Buyer for $200,000, the offer to be kept open for one week. A day after the offer was made, Buyer wrote to Seller, "I 'll give you $180,000." Owner did not respond. Before the end of the original one week

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:

An offer can only be accepted by the Norm, that is, the person to whom the offer is made.

I would advise Kevin as the sign in the window advertising the sale of his car for 7,500 euro was an ‘invitation to treat’ it may appear contractual however he is inviting others to make an offer of their own so he wouldn’t be contractually bound to Andrea. Also with the fact Andrea sent an email when Kevin specially asked for it to be in writing to his home address we could argue due to his terms of sale were not adhered to.

Uniform Commercial Code Article 2 allows for offers without consideration; however, this is not a contract for the sale of goods. Therefore, with this contract consideration would be needed. Common law requires that consideration must be in place for a contract to be considered binding, but it also will allow for an offer to be revoked under promissory estoppel. Promissory estoppel allows for a promise to be revoked if the promisor induces an action to the promissee. The promissee must be substantially relying on the promise by the promisor.

Sufficient consideration occurred (promise of money in exchange for the artefact) representing quid pro quo. Intention to create legal relations existed due to the commercial setting (as opposed to

In order for a contract to be formed, there are various requirements. These are offer, acceptance, consideration, and the intention to create legal relations. A contract may also be terminated.

On the contrary, Mandy could have made a counter offer to pay in instalments as this explains Arthur’s willingness to pursue the sale. If this is the case, then Mandy would have been in a similar