Description
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: “I’m 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.
- Discuss whether the elements of a contract are satisfied in this case.
The requirements below must be met for your paper to be accepted and graded:
- Write between 500 – 750 words (approximately 2 – 3 pages) using Microsoft Word.
- Attempt APA style, see example below.
- Use font size 12 and 1” margins.
- Include cover page and reference page.
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- No more than 40% of your content/information may come from references.
- Use at least two references from outside the course material, preferably from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the two reference requirement.
Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must be identified in the paper and listed on a reference page.Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must come from sources such as, scholarly journals found in EBSCOhost, online newspapers such as The Wall Street Journal, government websites, etc. Sources such as Wikis, Yahoo Answers, eHow, etc. are not acceptable.
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| Grading Criteria Assignments | Maximum Points |
| Meets or exceeds established assignment criteria | 40 |
| Demonstrates an understanding of lesson concepts | 20 |
| Clearly presents well-reasoned ideas and concepts | 30 |
| Uses proper mechanics, punctuation, sentence structure, and spelling | 10 |
| Total | 100 |
Explanation & Answer
Attached.
Running Head: ELEMENTS OF A CONTRACT
Elements of a Contract
Name
Institution Affiliation
ELEMENTS OF A CONTRACT
2
Elements of Contract
Introduction
A contract is an agreement between two or more parties. For it to be viable, there are
various implements that need to prevail. Therefore, contracts are legally enforceable deals where,
if one party fails to abide by the agreed terms, then the other team qualifies to sue for the breach
of contract. The doctrine of offer and acceptance are the two primary legal hues that feature the
terms to determine the validity of a contract (Macaulay, 2018). According to S4 (1) CA 1950, for
an agreement to be successful, each of the participating member must be willing a...
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