Elements of a Contract
Mr. Jenkins asks Mr. Jones for a ride home in exchange for a crisp $10 bill.
What element of a contract is this?
Offer
Leonard tells Chuck that he would like to buy his car for $4,000. Who is the offeree?
Chuck
John gives Emily an offer, but gets killed by a bear before she accepts it.
Death
Moe agrees to help Sandra break into a house and split the profits.
No
Charles offers Matt $5,000 to buy his Honda Civic by leaving him a voicemail. Matt doesn't return his call, and Charles sends him the money over Venmo and shows up at Matt's house for the keys. Was this a valid acceptance of the offer?
No, silence is not acceptance.
Mr. Jenkins offers signs a contract with Mr. Jones to sell him an ounce of crack once a week.
Which element does this example lack?
Legality
John sarcastically says to his friend Bill, "I hate my car so much, I'd give it to you for free."
What requirement of a contract is missing in this interaction?
Serious Intent
Tina doesn't like Bob's offer, and she turns it down.
Rejection
Walter agrees to borrow Cheryl's money to illegally gamble in return for paying her back with interest.
Gambling
Charles offers Matt $5,000 to buy his Honda Civic by leaving him a voicemail. Matt doesn't return his call, and Charles sends him the money over Venmo and shows up at Matt's house for the keys. Was this a valid acceptance of the offer?
No, silence is not acceptance.
John and Alex sign a contract while intoxicated at the bar.
Which element of a contract does this example lack?
Capacity
Larry offers John one of his cars for $10,000.
Which of the requirements of a contract is missing?
Definite and Certain
Jane gives Daniel an offer, but Jane has a mental breakdown and is admitted into a psychiatric hospital for the long-term to be treated.
Insanity
Walmart and Target agree to raise their toy prices for the month of December to take advantage of Christmas shoppers.
Price Fixing
Jim and Elliot sign a contract to buy and sell Jim's beach house. What they don't know is that the beach house just got swept out to sea by a hurricane.
Bilateral mistake
Bill and Ted both willingly sign a contract together and all of the elements of an offer and acceptance are present.
What element of a contract is this?
Genuine Agreement
Mr. Jenkins emails his offer to Alex.
Which of the requirements of a contract is this?
Communicated to the Offeree
Sarah changes her mind about an offer and decides to take it back before it gets accepted.
Revocation
A "dentist" opens up an office and starts treating patients without a dentistry license.
Licensing
Billy pays Isaac $50 to keep the offer open for the next week until he gets his paycheck.
Option
Detriment and Benefit are apart of which element of a contract?
Consideration
David offers to allow John to park in his driveway in exchange for $20 per month. David tells John that he can park there until December 15th. David sends this offer to John via a text message? Is this a legitimate offer? (Yes or No)
Yes
Joe appreciates Jill's offer to buy his house for $200,000, but he asks her for $250,000 because he thinks it's worth more than her initial offer.
Counteroffer
Contracts that illegal charge an interest rate that is higher than the State allows by law.
Usury
Rachel sells her original Bob Ross painting to Sydney for $500,000. When Sydney hangs it up in his house, he realizes that the painting is just a copy. He contacts Rachel, and she tells him that she already fled to Mexico with the $500,000.
Fraudulent Misrepresentation