The Four Elements of a Valid Contract

950 WordsNov 24, 20114 Pages
International Legal and Ethical Issues Lanettee Ludy BUS 310-1103A-05 Unit 3 IP August 4, 2011 Abstract This assignment will give a brief insight into the four elements of a valid contract as well as the objective theory of contracts. It will also explain how the objective theory of a contract applies to this case. I will try to explain why the court held that there was not a valid agreement between the company and the Seattle man. The four elements of a valid contract Contracts are used in today’s world as a major part of interaction between individuals or companies and consumers. Contracts are often used within our professional and personal lives; they allow business and individuals the ability to sell, purchase, or transfer…show more content…
In answer to the question “are advertisements generally considered offers” (AIU Online, 2011)? Many advertisements are considered offers because if they advertise something and you have to pay for it that is money exchanged for a service or goods. However, advertisements, catalogs, brochures, and announcements to the public linked to the sale of products or goods at a specified price are not usually considered offers to enter into a binding contract. They are looked at as invitations to make a deal (LaMance, K., 1999-2011). This case differs, because the consumer believed that he had fulfilled his end of the requirements by coming up with the fifth teen points, a check, and an official order form require to win the jet along with his demand for the Harrier jet, but the consumer did not receive his prize from the company upon completion of the contest. References AIU Online (2011). BUSN310: Unit 3 course material: Rights and obligations. Retrieved August 4, 2011 from https://mycampus.aiu-online.com/pages/MainFrame.aspx?ContentFrame=/Default.aspx (n.d.). Contract Law and Commercial Code Retrieved August 4, 2011 from http://www.otto-graph.com/samples/3/contractlaw.html LaMance, K. (1999-2011). Unilateral Contracts: Are Advertisements Unilateral Contract? Retrieved August 7, 2011 from

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