The Legal Elements Of A Contract For The Purchase Of The Automobile

Mr. Potbelly and Mr. Slim Jim are two competent people who voluntarily entered into an agreement for the purchases of the pottery and the home. Mr. Potbelly presented Mr. Slim Jim with the original offers and Mr. Slim Jim counter counter-offered within reason of the asking price. The conversation had between Mr. Potbelly and the other individual should not be grounds for him

HINT: See Chapters 10-14 of the text to help understand some of the legal issues covered in this assignment.

It is true that Wally did sign the order form, but in order for the contract to be valid it must have included the quantity of watched needed for shipment. As stated above, one of the requirements in the UCC Statute of Frauds states that when writing up a contract quantity must always be provided, in case of breach of contract. The courts have no way of factoring in the quantity. The answer to question 1 would be that the contract was not in writing.

After the negotiations, Vivian agrees to pay $12,500 for the car but needs another 3 weeks to get the money. Bernie agrees to wait if Vivian agrees to put down $1,000. Vivian agrees and Bernie drafts the one page agreement. Bernie stills wants to keep an open mind that

In the Hoffman Vs. Sun Valley Company case, where the Sun Valley Company won, despite there being an oral agreement. The prerequisite memorandum form for the sale of the Rudd Mountain property, was not signed to fully close the deal. Thus, the oral agreement was declared void by failure to comply with the statute of frauds.

An acceptance of an offer is “ a manifestation of assent to the terms thereof made by the offeree in a manner invited or required by the offer.

In week four’s theory practice, we reviewed the case scenario of Big Time Toymaker vs Chou in regards to determining the validity of a contract.  As we’ve reviewed, an agreement or mutual assent is of course essential to a valid contract but the law imputes to a person an intention corresponding to the reasonable meaning of his words and acts. If his words and acts, judged by a reasonable standard, manifest an intention to agree, it is immaterial what may be the real but unexpressed state of his mind (Melvin, 2010).

A contract is an agreement that creates an obligation that is enforceable by the law. The law has clear guidelines that before there exists a contract that will be binding, there has to be an offer, acceptance, mutual obligation and all parties should be of sound mind and by law be of legal age. A contract can either be written or spoken. Assuming that the buyers were at the required age went to the car dealership looking to purchase a new car.

The evidence showed that the sale was made between P and D and not one of the adults. D was fully aware of P’s age when the sale was negotiated and P had every right to disaffirm the sale. D had the burden to show that the car was a necessity and D did not meet that burden.

As of whether the parties were of a sane mind, yes they were to allow them capacity to seek purchase of a new car and also agree to the terms and conditions of the sale.

Most contracts are valid despite the fact that they may be only oral. Dan was knowledgeable that Pat wanted to buy a home, which she was not financially qualified to purchase. Consequently, he offered to purchase the home and sell it to her, when she had the capital to do so. The statement of Don to Pat, “When you come up with the money, I will sell the home to you for $250,000, plus a fair commission to be determined”, and Pat’s search and identification of a suitable home, and Dan’s purchase supports each intent to be bound.

A contract is a written, oral, or implied agreement between at least two parties, an offeror and offeree. Contracts are created to facilitate the transfer of property, provision of services, or other rights. For a contract to be enforceable it needs to meet four basic requirements: agreement, consideration, contractual capacity, and needs to include a lawful object. Contracts are designed to be enforceable by law, ensuring all parties meet their contractual obligations to the other parties. An example of an enforceable contract is two parties agree transfer ownership of a vehicle owned lawfully by one of the parties for $100.00. The contract is enforceable since the parties entered an agreement, for the consideration of $100.00, one of the parties lawfully owned the vehicle, and the contracts object is lawful.

In our case, in accordance with the case law, both parties are not bound in this agreement. The return of the deposit by Bernie does not bind Bernie to this contract.

Simon, the manager of the damaged Burger Ranch, inspected the tree, was satisfied with the tree, initialed the receipt, and paid the $150 for the tree. These facts definitively imply that the buyer did accept the goods after he had a reasonable opportunity to inspect it and then made the judgement that it conformed to their satisfaction, therefore legally accepting the goods.

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: