According to Kronman, for any contract to be enforceable at law, the parties involved must have the legal capacity to enter into any contract. Moreover, capacity and competency is another element of a contract. From the scenario, a consideration exits since there was an exchange of a car for $100 deposit. Hence, in a legally binding contract, each party ought to receive something of value and the consideration given must also be sufficient (Beatty, Samuelson & Sanchez Abril, 2016). A consideration refers to a promise of something that has a value that is provided by a promissor for the exchange of something of value provided by the promise. As such, from the scenario provided, there was an offer and an acceptance from both parties since Jim and Laura agreed to pay $100 to Stan in order to hold the car for a day.įurthermore, another element of a contract that exists in this scenario is a consideration. In fact, an acceptance can be in writing or oral. On the other hand, an acceptance expresses an absolute and unconditional agreement with every term outlined in an offer. An offer expresses the willingness of an offeror to contract on a particular set of terms with the intention that in case the offer is accepted, he or she will be legally bound by the contract. The first element in a contract is offer and acceptance. In addition, this paper will also decide whether or not there was a contract for the purchase of the automobile and also identify the facts from this scenario which support the decision on whether or not a contract exists for the purchase of the automobile.Īccording to Smith and Atiyah, for any contract to be legally binding, it must have the four elements of a contract. In relation to the case study “Di Jim and Laura Buy a Car”, this paper will define the elements of a legal contract using examples from this scenario where applicable. The law also provides remedies and defenses for non-performance for the parties involved. Contract law also specifies the future performance obligation of a third party that must occur to satisfy the contract.
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