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Business Law and Contracts, Essay Example

Pages: 2

Words: 533

Essay

Case 1 response:

Technically, a promise is a promise may it take a verbal or a written form. However, when it comes to the pursuance of a process of creating an enforceable contract, there are several factors required to be considered by parties involved in the agreement. For an agreement to be accepted as a legal contract, there should be the existence of three particular points of attention, one is the offer, then the consideration and then the acceptance.

Gerald’s promise to give the proceeds of the charity-concert to the Kids Care foundation had an offer and a relative form of acceptance given that the foundation agreed that the proceeds would be used to fund the establishment of a housing project for homeless teens. However, the existence of consideration, which is noted as something of value that could convince the other party to enter in the agreement or the contract, was not the clearly stated to have evident distinction in the process.

Without the existence of consideration, which was supposedly a verbal or at least a written definition of the contract or agreement between Gerald and the Kids Care Foundation, the promise of Gerald may be assumed to be unenforceable. This will then void his promise and would allow him to be non-liable for the responsibility of fulfilling the promise he made to the foundation.

Case 2 Response:

Situation A:

If Jud offered the Krauses considerably less for their property than its possible market value and the Krauses accepted the offer, could they avoid the contract on later learning that they might have sold it for a higher price?

Given that an offer was made and I has been accepted by the Krauses, then the agreement could be considered as a valid contract. With this validity confirmed, retracting from the contract after the point of sales due to a higher offer would not be acceptable. The statute of the law of contracts always recognizes the need to respect the clauses of the first formed contract.

Situation B:

If Jud offered the Krauses one price and inadvertently typed a different, higher price into the contract, can Jud be held to the typewritten amount?

A written form of contract with signatures embedded within the said documents specifically shows the communication and assurance of acceptance between the parties involved. Notably, this form of distinction on how the agreement is enforced shows that the written agreement serves as a proof that the amount noted in the signed paper has been seen and accepted by both parties. In this case, even though it was a mistake on the part of Jud that the amount placed is of a higher amount that what he has offered, he would need to comply with the written amount on the documented agreement. A written and signed contract is always of greater value and effect compared to verbal agreements. This is the reason why it is very important that before a contract is signed and dismissed to be final, the clauses of the said documented agreement should be carefully checked first.

References

Baer, M. When does a contract become enforceable? http://www.ncrec.state.nc.us/bulletin/winter94bulletin/when_does_a_contract_become_enfo.htm. (Retrieved on November 4, 2012).

Law of Contracts: New Age International. http://www.newagepublishers.com/samplechapter/001048.pdf. (Retrieved on November 4, 2012).

Contract Law: An Introduction. http://www.expertlaw.com/library/business/contract_law.html.(Retrieved on November 4, 2012).

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