Elements
The number of Parts in a legal contract
6
- Offer and acceptance, Genuine Assent, Consideration, Capacity, Legality and Writing
This takes place when one side to a negotiation changes something in the offer to the other side
Counter offer
There are 3
1. Serious, Legal
2. Terms are definite and complete
3. Communicated
Natalie is reading a book and Martin is sitting next to her. Martin looks at Natalie and says "Hey after your done reading that, can I buy the book from you?" Natalie says "Sure, I paid $10 for it. Give me $8 CASH after I am done and its yours" and Martin says "OK". Tell me the 3 elements of offer and acceptance, as well as if all 3 took place.
1. All 3 did take place
2. Serious/legal, terms were definite and complete and communicated
Any agreement a court will enforce
This part (Or element) of a contract does not always take place
Writing
This means to end the contract in some way
Terminate
Of the 3 elements of an offer, which one is disputed the most?
Terms being definite and complete
Zoey decides she is ready for a brand new sports car. She is now 17, has her drivers license and has built up some cash for a decent down payment on a new Challenger Hellcat. Zoey gets to the dealership to buy the car and learns from the salesperson, named Trevan, that they will not sell her the car. What element of a contract is Trevan saying is missing allowing Zoey the ability to buy the car?
1. Capacity (Ability to understand her actions)
2. Zoey may know full well what she is doing, but the salesperson won't sell it to her because she has the right to return it, if she wakes up the next day and says "Wow, I can't afford these payments.. What did I just do??"
Will courts enforce an agreement if its illegal?
ABSOLUTELY NO
This part (Or element) of a contract means both sides understand the contract they are entering into.
Capacity
After an offer is made, 3 possible things can happen. What are they?
Accept, Reject or Counter offer
What are the 3 elements of an offer?
1. Serious/Legal
2. Terms are definite and complete
3. Communicated
Mya is looking for some new weights so she can increase her workout to benching 600 pounds. She see's a set on sale at a homeowner named KY's. Mya goes to the home, inspects the set and then looks at KY and says "I know you want $550 for the set, would you take $400?" KY looks at Mya and says, sure. What did Mya do? Who was the offeror and who was the offeree?
1. Counter offer
2. Mya was the offeror and KY the offeree
Aiden stands up in class and says "Hey everyone! I have 2 tickets to the Bills playoff game this weekend against Jacksonville. I paid $250 for each. Whoever gets me the cash first, gets them!" Who is the offeror and who is the offeree?
Aiden is the offeror and the offeree is the first person in class to come back with the money
This part (Or element) of a contract means both sides gain something fair based on the contract
Consideration
If someone goes out on a date and it does not go as planned, they cannot sue their date because its not a contract. What is this agreement called?
What is the name of the legal test to determine if an offer was serious?
Test of the Reasonable Person
Jaxon decided he has grown up and does not need his Star Wars collectables anymore. Jaxon is trying to buy a home and start his path as an adult, so he needs some money. Jaxon forecasts that his collection is worth around $50,000. Jaxon gets a call after placing an Ad in Craigslist from a customer named Leo who wants his Boba Fet action figure. Leo comes to Jaxons home, inspects it and says "Ok, you want $1000 for it, thats fair, here is the cash" and Jaxon accepts it. Later than evening Jaxon learns the Boba Fet he sold Leo was the one in his collection worth $12,000, so he calls Leo and says "Hey the deal is off, give me my money back. It was not fair!". What element is Jaxon arguing to try to void the agreement? Can Jaxon legally void the agreement at this point?
1. Consideration
2. NO, he sold it and since it was his property, he cannot back out now
Emma has an apartment to rent and a possible client named Brendan stops by to check it out. Brendan asks about the rent, maintenance responsibilities and if he can have a pet. Since each of these things are clearly important to Brendan, what are they legally called?
Material
This part (Or element) of a contract means a party to a contract is not forced into the contract or misled about what is going to take place
Genuine Assent
In a contract, anything important to either side is called this?
Material
Devin offers to buy Brookes Volkswagen, as he is overheard saying "That pink and Scooby Doo stuff has to go". At first Brooke gives Devin an hour to come back with the $7500 cash they agree to, but Brooke has 2nd thoughts and decides not to sell. Can Devin sue Brooke over changing her mind? Why or why not?
NO!!!!
Brooke owns it and she can do as she pleases, including backing out all the way up to exchange of payment
Natalie works at the Reece's factory in Buffalo. Recently, she found out Reece's does not put real peanut butter in their candy, but rather some manufactured product that tastes likes Peanut Butter. Natalie has been marketing and selling these items as "Real Peanut Butter" and a customer named Maci decides to sue after learning the Peanut Butter is not real. What element of a contract would she argue?
1. Genuine Assent
2. Possibly Legality
Ayianna runs a local FrontierMart store than is about to have a HUGE Christmas sale on Fruitcake. Local resident, Brooke, loves fruitcake. She has told her group of friends "I am still mad I was unable to play the turkey at the local parade, but I will never allow someone to get my favorite, FRUITCAKE!" On the morning of the sale, Brooke gets to the store to see customer lined up to get in and she gets in line. After getting into the store, Brooke goes to the area where the fruitcake is sold to learn its sold out. Brooke threatens to sue the store. Will her lawsuit be successful? What type of offer is this sale considered?
No, she will not be successful and its considered to be an "Invitation to an offer" meaning she gets the sale price IF the fruitcake is available. If its sold out, she is out of luck