Elements of a Contact (Case of Johnny and Mark)

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Ybynlyn2

Humanities

Description

all details are below and must be in own words and must be in apa style. At east 500-700 words

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9:17 W8 Assignment "Capacity" DESCRIPTION Business Law Capacity Lisa is walking down the street in January when she notices a young man named Denny. Denny looks a little worse for wear, so Lisa offers to buy him lunch. As they are talking. Denny says to Lisa: "I'm in a pretty rough spot. I don't have any money right now. But promise to pay you $450 if you give me that coat you are carrying and some food (that sum represents the reasonable value of those items). Lisa responds: "How old are you?" Denny states that he is 20. However, this is a lie. Denny is actually 16. Lisa looks him over one more time, and she agrees to the exchange Before they leave, Denny says, "Actually, I will promise to give you another $50 if you let me borrow your bike." Lisa writes down all of these promises into a contract. Both parties sign the contract, and they go to the bank and have it notarized. A week later Denny trashes the bike, and he tells Lisa that he is not going to pay. Lisa sues Denny in court for breach of contract, and she learns that he is only 16. What is likely to happen in the court case? Start Attempt 1 9:17 f w7 Assignment "Breach of Con... 100 points maximum score DESCRIPTION Business Law Breach of Contract Johnny, a neighbor who is not a merchant under the Uniform Commercial Code, offers to buy a car from Mark for $30,000. Mark asks Johnny for some time to think about it. Johnny says sure. He writes on a piece of paper that he will keep the offer open for two weeks. A week later Johnny sees another car he would rather buy. He purchases that, and then he tells Mark that he is revoking his offer. Two days after that Mark said: "Tm sorry Johnny you made an offer in writing to buy my car. I'm going to hold you to that." Johnny replied: "Sorry I cannot do that. But I will promise to pay you $10,000 for the help you gave me last year around the house." Somewhat mollified Mark accepts. A week later and Johnny decided to renege on that promise as well. Fed up, Mark sued Johnny for breach of contract on both the promise to buy the car and the promise for the $10,000 Start Attempt 1
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Explanation & Answer

Attached.

Running head: CONTRACT

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Contract (The Case Between Lisa and Denny)
Name of Student
Name of Professor
Course Title
Date

CONTRACT

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Analysis:
In order to come up with a valid binding contract, the common features of a contract
which include: an offer, acceptance and intention to form a legitimate binding contract must be
present. In case one of these features of the contract is not achieved, then the contract will not be
binding on the parties. The Law assumes that the people who are entering into a contract must be
adults of the reasonable age, competent and mentally fit. If the individual being offered the
contract is incompetent, then the contract entered cannot be termed as obligatory and therefore,
he or she cannot be sued. The following are some of key factors which will be considered at the
court of law in making final decision on the case between Lisa and Denny.
Disaffirmance: Disaffirmance refers to the act by which a person through words or
actions declares that they will not bound by the terms and conditions of a voidable contract. A
minor may at their discretion disaffirm most contracts up to the age of majority which is eighteen
years and above in most of the States and even for a “reasonable” duration thereafter. This is a
biased right and although a minor may disaffirm a contract if the other party is deemed to have
capacity they are obligated to uphold the contract (Burrows, 2009). That being said minors
cannot...


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