Contract and Its Elements
A contract is an agreement between and offeror, and an offeree, that can be enforceable by a court of law or equity (Cheeseman, 2010). A contract consists of the following elements; agreement, consideration, contractual capacity, and lawful object. Understanding each of these elements is of the utmost importance to ensure that each party involved has a good understanding of what is expected from one another.
Furthermore, the agreement, is where the actual contract is offered and accepted by two parties (Cheeseman, 2010). The consideration is the legal form of payment or exchange within the contract such as money, property, or provision of services (Cheeseman, 2010). Capacity is the ability of both parties to meet the requirements of the contract (Cheeseman, 2010). Finally, lawful object ensure that the contract is indeed lawful (Cheeseman, 2010).
Details of Drew Brees Contract
2012, $37 million signing bonus
$3 million base
CAP HIT: $10.4M ($3M + $7.4M bonus proration)
2013, $10 million total
CAP HIT: $17.4M ($10M + $7.4M bonus proration)
2014, $11 million total
CAP HIT: $18.4M ($11M + $7.4M bonus proration)
2015, $19 million total
CAP HIT: $26.4M ($19M + $7.4M bonus proration)
2016, $20 million total
CAP HIT: $27.4M ($20M + $7.4M bonus proration) ("Drew Brees' Contract: What The New Orleans Saints Owe", 2012).
Legal Concerns of Drew Brees Contract
According to "Bloom Legal" (2012), "The NFL Players’ Association (NFLPA) requested that the league investigate the pending contract negotiations between quarterback, Drew Brees, and the team. The union is specifically concerned that the team’s ownership might be holding Brees’ active participation in last year’s lockout against him during his contract negotiations. Although Brees is seeking a long-term extension of his contract with the Saints, the team has placed an exclusive rights...